Power Metal Resources PLC (AIM:POW) said preparations for a diamond drill programme at the Molopo Farms Complex project in Botswana are advancing and a start date will be announced shortly.
Last week, the company said an electromagnetic survey at Molopo Farms, which has the potential to be a large-scale nickel-platinum group element project, confirmed one of the drill holes (K1-6) had penetrated the edge of a newly identified magnetic conductor.
READ: Power Metal Resources reports significant results from EM survey at Molopo Farms Complex
The expedited diamond drill programme will target the core of the new conductor, immediately south of K1-6, with multiple drillholes planned of varying positions to maximise the discovery potential of the programme.
"It is encouraging to see the interest in Molopo Farms shown by shareholders and investors,” said chief executive Paul Johnson. “We share the excitement this project brings, and the K1-6 conductor is considered by our technical team to be a very compelling drill target.”
Precision drill hole targeting work at K1-6 is also underway, given the size of the conductor the first two holes are expected to be located about 500 metres (m) and 1,000m to the south of original hole K1-6.
Two additional high-priority targets located southwest of K1-6 have been selected for moving loop electro-magnetic surveys, to provide further targets for planned diamond drilling, it said.
“Expanding the geophysics programme to cover two new targets demonstrates the size and scale of the Molopo Farms opportunity,” said Johnson.
“As this work progresses, in parallel, we continue to engage with third parties that have expressed an interest in Molopo Farms and the high-impact exploration work we are undertaking.
"The level of interest in the project is notable, demonstrating we believe not only the project's geological potential, but also its geographic location, Botswana, which is a secure, supportive and positive operating environment for resource exploration and development."
Power Metal has an effective economic interest of around 53% in Molopo.