Power Metal Resources PLC (LON:POW) said extensive anomalies have been identified at the South Ghanzi Project, including seven airborne electromagnetic (AEM) conductive targets.
The AIM-listed metals exploration and development company gave an exploration update on the project following the completion of the AEM geophysics survey over South Ghanzi (announced in March), saying that follow-up ground-based investigation of AEM conductive anomalies had delivered encouraging results.
Where existing soil sampling results coincide with an AEM anomaly there is a close positive correlation between elevated copper and zinc results in soil geochemistry, a conductive anomaly and regional geological mapping, the company told investors.
The soil geochemical survey lines will now be extended to provide further coverage and resolution over the A1 target (also known as the Acacia target), and additional soil surveys will be placed over the remaining conductive anomalies.
The additional soil data in conjunction with geological logging of existing water borehole rock chips, the AEM results, and further geological modelling will help fine-tune the placement of drill holes in a planned programme to test emerging high priority targets for copper mineralisation later in 2021, the company added.
These findings align closely with previous fieldwork conducted and the established regional exploration model for the discovery of major copper/silver deposits within the Kalahari Copper Belt.
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"We are extremely pleased with the exploration progress made by our joint venture partner Kavango at the South Ghanzi copper-silver project, centrally located within the burgeoning Kalahari Copper Belt. The exploration work completed over the last 12 months at South Ghanzi has been carried out in a systematic and disciplined manner which has paid off with the discovery of at least seven highly compelling exploration and drill targets," said Paul Johnson, the chief executive of Power Metal Resources.
“Power is particularly encouraged by the 4km x 4km Acacia target, as it possesses not only a high conductivity signature detected by the AEM survey but also almost perfectly coincident Zn- and Cu-in-soil anomalies, which are key signatures typical of nearby copper-silver discoveries within the belt.
“The exploration story at South Ghanzi continues to progress at pace and we eagerly await the next phase of results and drill testing of several of these high-priority targets,” he added.
Shares in Power Metal were up 6.4% at 2.5p in early trading.
???????????????????????????????? ???????????????????????? ???????????????? - ???????????????????????????????????????????? ????????????????????????@PowerMetRes s pleased to provide an exploration update in respect of the South Ghanzi Project which is part of the Kanye Resources Strategic Joint Venture https://t.co/ex9u78nKOs pic.twitter.com/CzUaK2j1wC
— Power Metal Resources (@PowerMetRes) May 14, 2021