Power Metal Resources PLC (AIM:POW) announced positive initial findings from its newly granted prospecting licence PL049/2022, part of the company’s Tati project in Botswana.
The Tati project covers three individual prospecting licences for gold and nickel mineralisation: PL126/2019, PL127/2019 and PL049/2022.
The company’s update followed a site visit to the Cherished Hope gold mine, which is located within the PL049/2022 licence.
Ground mapping has shown the historical gold workings are significantly more extensive than previously understood, with at least 10 individual workings comprising a combination of vertical shafts and trial pits, extending over approximately 175m of strike-length, said the London-listed exploration company.
"It is particularly exciting to get on the ground at our newly granted prospecting licence PL049/2022 and the initial findings are extremely positive,” said chief executive Paul Johnson. “Not only have we identified extensive gold workings, but also two large sized fines dumps.”
The fines dumps, which are waste material from the Cherished Hope mine, are located close to the historical gold workings.
Power Metal said it is reviewing the site visit report and finalising the next exploration steps, which are anticipated to include sampling of the fines dump material and a volumetric survey to determine an average gold grade range for each fines dump.
“We will be back on site to undertake further mapping and sampling, including the fines dumps to assay test for gold as there may be sufficient gold grades remaining to consider processing the material to generate income to fund more extensive exploration,” said Johnson.
The company is also planning for an early and low-cost reverse circulation drilling programme aimed at testing the along-strike and down-dip extent of the Cherished Hope mineralised quartz reef structures.