Power Metal Resources PLC (LON:POW) said a deep drilling programme is now being planned for the Haneti nickel/PGM project in Tanzania.
Paul Johnson, Power Metal’s chief executive, said: "We are delighted to report that following receipt of the results from the recently completed RAB drill programme a decision has been made to advance the Haneti Nickel PGM Project to deep diamond drilling.
“The extra geological information provided by the recent shallow drilling results and the discovery of new gossanous nickel-copper-magnetite veining at Mihanza Hill, have confirmed that we should proceed to deep diamond drilling in order to assess the potential for economic nickel sulphide mineralisation at Haneti.”
Diamond drilling is now planned to a depth of at least 400m in order to intersect the TDEM and magnetic geophysics anomalies, to test for primary sulphide mineralisation and to obtain fresh unaltered rock samples for mineralogical analysis, said the statement.
Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold PLC (LON:KAT).