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Power Metal Resources finalises drill programme for Haneti project

The plan involves a first stage exploration programme to verify and drill test potential chonolith-type nickel sulphide mineralisation within the main prospective belt of rocks within the project

Power Metal Resources - Power Metal Resources finalises drill programme for Haneti project

Power Metal Resources PLC (LON:POW) has finalised details of a planned confirmatory drill programme for the Haneti nickel project in Tanzania.

The AIM-listed explorer said the plan involves first stage exploration programme verifying and drill testing potential chonolith-type nickel sulphide mineralisation within the Haneti-Itiso Ultramafic Complex (HIUC), the main prospective belt of rocks within Haneti.

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A short shallow (100 metre) rotary air blast drill programme will also take place and seek to verify three near-surface targets ahead of a confirmatory deep (300m) diamond drilling programme.

The company will also conduct airborne geophysics over the wider project are to delineate additional deep-seated targets.

Power Metal said based on the outlined drilling programme, its contribution will be funded from existing working capital, with an amount covering this already allocated in its accounts.

"The Haneti story is one I have been following for many years and it was a great opportunity to take a project interest for Power Metal shareholders in 2019. We have now moved the Haneti [joint venture] forward and prepared a nickel sulphide targeting drill programme, through which we aim to advance our understanding of the geological characteristics of the Project and, potentially, make a new nickel sulphide discovery”, said chief executive Paul Johnson.

We are being disciplined with a two-stage drill programme using shallow rotary air blast drilling to verify the proposed targets for a follow-on deeper diamond drill programme. The next step is a practical one, as we make preparations for the launch of the drill programme, and we look forward to announcing mobilisation which will be an exciting point for both JV partners", he added.

The company’s shares jumped 5.3% to 1p in late-afternoon trading on Monday.

Quick facts: Power Metal Resources

Price: 1.2275 GBX

AIM:POW
Market: AIM
Market Cap: £9.47 m
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