Power Metal Resources PLC (AIM:POW, FRA:2M5) has been encouraged by progress at the Haneti Project, in which it holds a direct stake.
It drew shareholders attention to an announcement issued by Katoro Gold PLC (AIM:KAT, FRA:622), in which the gold explorer confirmed that planning for the drilling campaign announced on 7 April has been completed.
The planning process involved the careful consideration of exploration results to date to ensure accurate hole positioning and required extensive technical consultation, Katoro said.
Power Metal currently holds 10mln shares in Katoro and has warrants over another 10mln with a strike price of 1.25p. It also holds a 35% interest in the Haneti platinum group metals (PGM) project in Tanzania.
“The Haneti PGM Project offers Katoro Gold and Power Metal shareholders exposure to a district-scale exploration opportunity,” said Paul Johnson, the chief executive officer of Power Metal Resources.
“As shareholders will note the project is moving forward into the next phase of drilling and Power Metal is looking forward to getting this underway.
“Haneti is one of a number of drill programmes planned within our African portfolio including projects in Botswana, the DRC and Tanzania. We are targeting major metal discoveries across each project drill programme,” he added.