Power Metal Resources PLC (AIM:POW) said "mobilisation has successfully commenced" for its inaugural diamond drilling programme on the Haneti Project in central Tanzania.
The drilling rig expected to be on site around 17 January 2022 and drilling expected to commence on or around 20 January 2022.
The planned 1,000 metre drill programme consists of three deep diamond core holes targeting magmatic nickel-copper-platinum group element sulphide mineralisation. The work will constitute the first diamond drilling conducted out by the JV within the Haneti project area.
In advance of the drilling programme the Haneti Project licences have successfully been renewed for an additional 7 years.
The Haneti project is currently held under a joint venture with Katoro Gold PLC (AIM:KAT).
"The Haneti project, targeting magmatic sulphide hosted nickel, copper and platinum group metals, represents a unique district-scale opportunity for Power Metal and our JV partner Katoro,” said Paul Johnson, chief executive of Power Metal Resources.
“The preparatory work leading up to this campaign has been extensive, though ultimately, it is deep diamond drilling that is now needed in order to broaden our understanding of the geological environments and to unlock the potential for a commercial discovery. With some considerable enthusiasm we launch the programme and very much look forward to updates from the field, and ultimately the results of the assay testing of drill core samples which will be collected during the 2022 campaign."
Two diamond core holes are planned at the Mwaka target for a combined total of approximately 505 metres. The holes have current planned depths of 264 metres and 241 metres and are designed to test two discrete high-priority conductors which were identified during the 2012 electromagnetic geophysics survey.
A single 495 metre deep diamond core drill hole is planned at the Mihanza target. The Mihanza target was subject to a shallow rotary air blast drill programme that was completed in early 2021.
This programme confirmed the presence of near-surface Ni-Cu-PGE sulphide mineralisation. The Mihanza target is centred around coincident magnetic high geophysical and nickel geochemical anomalies.
Meanwhile, in Western Australia, a reconnaissance team arrived at Power Metal’s Wallal project in the Paterson Province.
The team will survey and map all existing access tracks and proposed drill hole locations for a planned diamond core drilling programme targeting gold-copper mineralisation.
The reconnaissance work will inform the extent of the Heritage Clearance Survey which will be completed under the supervision of the Yamatji Marlpa Aboriginal Corporation, if required by YMAC and the Nyangumarta people, prior to drill programme mobilisation.
Preparations for the initial public offering of First Development Resources, the Power Metals company that holds Wallal are progressing well, including finalising the board and advisory team composition.
"The First Development Resources opportunity is attracting considerable interest from prospective investors and we hope this early stage field reconnaissance will create more interest in what we believe is a very exciting opportunity,” said Johnson.
“The prospectivity of the Paterson Province has been heightened recently following Greatland Gold's gold-copper Havieron discovery and we believe the team we have assembled and the work which has been completed to date at Wallal has demonstrated the exploration potential of the area.”