Power Metal Resources PLC (AIM:POW) reported significant results from an electromagnetic survey at the Molopo Farms Complex project in southwestern Botswana.
Preliminary survey results from Molopo Farms, which has the potential to be a large-scale nickel-platinum group element project, confirmed one of the drill holes penetrated the edge of a newly identified magnetic conductor.
"Today's exploration news is, in my view, potentially one of the more significant the company has released in its 3-year history as Power Metal,” said chief executive Paul Johnson.
“We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis.”
The preliminary survey suggested that K1-6 clipped the sizeable shallow-dipping (south) magnetic conductor which appears to be increasing in magnitude with depth where it remains completely untested by drilling.
Power Metal said the start date for a planned 2022 diamond drill programme has been brought forward and will now focus on testing the central and stronger part of the magnetic conductor.