Power Metal Resources plc (LON:POW) has provided a business operational update outlining the current status of operations across its six existing projects and two projects under due diligence.
The miner said two significant drill programmes are impending in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the company to plan to commence drilling in 2020.
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It added significant advancement has been made in the Australia joint venture, with 2,188 square kilometres of ground under application in the Victoria Goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review.
Due diligence ground exploration programme is underway at the Silver Peak project in Canada, where channel sampling for silver is the key focus and where exploration results are expected shortly and within the 30-day option period announced on August 17.
Reconnaissance survey was completed successfully at the Alamo gold project in Arizona reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property.
The findings have been received in a project report and are being reviewed currently, with market update coming up including next stage exploration plans.
As of Friday, working capital comprising cash and listed investments was circa £1.6mln.
“Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery,” said chief executive Paul Johnson.