leadf
logo-loader
viewPower Metal Resources

Power Metal says targets for drilling selected at nickel project in Botswana

“Nickel stocks at the LME continue to fall dramatically, and we believe that the price of nickel will appreciate accordingly."

Power Metal Resources -
The five targets selected are highly conductive bodies

Power Metal Resources PLC (LON:POW) has selected the initial targets for drilling at the Molopo Farms nickel project in Botswana.

An airborne survey was carried out earlier in the year and an original list of 17 possible drill sites has been whittled down to five by Kalahari Key, the company carrying out the exploration.

Power Metal has an 18.26% shareholding in Kalahari Key and a right to earn into a 40% direct project interest in the project via an investment of  US$500,000 by the end of 2020.

Today's statement said the five targets selected are highly conductive bodies, which could potentially be host to massive nickel sulphides due to the spatial location, geological setting and associated magnetic response.

Gravity surveys will now be carried out to eliminate as far as possible any chance that they are graphite rather than sulphide bodies.

Paul Johnson, Power Metals’ chief executive, said: “The initial programme will cover five very strong conductor targets and will optimise the chance of making a discovery.

“Nickel stocks at the LME continue to fall dramatically, and we believe that the price of nickel will appreciate accordingly. 

“As such, partially positioning POW in the nickel exploration space is deliberate to expose our shareholders to the upside that comes within the nickel sector during times of positive supply/demand dynamics.”

Quick facts: Power Metal Resources

Price: 1.15 GBX

AIM:POW
Market: AIM
Market Cap: £9.21 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Power Metal Resources named herein, including the promotion by the Company of Power Metal Resources in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Power Metal's Paul Johnson provides portfolio overview ahead of two key...

Power Metal Resources plc's (LON:POW) Paul Johnson walks Proactive through its latest business update and talks progress on its six existing projects - plus two others under due diligence. He says they're steering down the barrel of two big drill programmes in Botswana and Tanzania which are...

2 weeks ago

2 min read