Power Metal Resources said an inaugural diamond drilling programme on the Haneti Project in Tanzania had confirmed the presence of nickel, but not in economically significant intersections.
Paul Johnson, Power Metal’s chief executive, added: “With the information from the programme we can now undertake more advanced targeting for next stage exploration.
“We are targeting the discovery of economic nickel with the work programme going forward.
"The completion of this programme also enables the JV to re-engage with potential project partners to discuss the findings and next steps in further detail.”
Haneti is a joint venture between Power Metal (35%) and Katoro Gold (65%).