Power Metal Resources PLC (AIM:POW), the London-listed exploration company seeking large-scale metal discoveries globally, hailed an announcement issued by its partner in the Haneti nickel project in Tanzania.
Katoro Gold PLC (AIM:KAT), a gold and nickel exploration and developer, has successfully raised £815,000 via a share issue to fund further advancement of Haneti with a diamond-drilling campaign.
"Power Metal is eager to see drilling commence at the Haneti project, targeting a large scale nickel and platinum group element (PGE) discovery,” said Paul Johnson, chief executive officer of Power Metal.
“The company is therefore pleased to see our partner Katoro Gold raise money for this purpose,” added Johnson.
Power Metal holds 10,000,000 Katoro shares and 10,000,000 warrants exercisable at 1.25p each, as well as having a 35% interest in the Haneti project in Tanzania.