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Power Metal Resources says maiden drilling programme at Haneti is imminent

The maiden drilling programme will entail 2,000 metres of rotary air blast drilling with 40 holes to be drilled

Power Metal Resources -

Power Metal Resources PLC (LON:POW) says a drilling contract has now been signed for the Haneti Nickel Project in Tanzania.

Power Metal holds a 35% ownership interest in Haneti, with Katoro Gold PLC (LON:KAT) owning the rest.

All phases of pre-deployment activity, such as liaison and coordination with the Ministry of Mining, have been completed and the drilling rig, supporting personnel and equipment have been fully prepared and are now mobilising to the first drilling location.

The maiden drilling programme will entail 2,000 metres of rotary air blast drilling with 40 holes to be drilled, each to a depth of around 40 metres. Power Metal's pro-rata costs contribution in respect of the programme are fully covered from existing cash resources.

"Mobilisation for the maiden drill programme at Haneti has been a long-anticipated event and I am extremely pleased to confirm this is now underway,” said Paul Johnson, the chief executive officer of Power Metal in a statement.

“Across a project covering some 5,000 km2, we are focusing here on an initial three target areas which are part of an 80km long ultramafic belt which is prospective principally for nickel sulphide and PGM [platinum group metals] mineralisation,” he added,

Johnson noted that the Haneti Project is the third project in which it has an interest where drilling programmes are underway.


 

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Price: 1.8 GBX

AIM:POW
Market: AIM
Market Cap: £15.55 m
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