Power Metal Resources PLC (AIM:POW) said results from an electromagnetic survey over its T2-3 target at Molopo Farms in Botswana has identified a "large, significant geophysical conductor".
The conductor remains open in all directions, said the statement, and is strongly coincident with a magnetic body identified by the ground and airborne magnetic surveys.
No drilling has ever been completed over this target area.
Power Metal added it is giving this conductor its highest priority with a 600-metre (m) diamond core drill hole planned to intersect the T2-3 conductor at approximately 300-350m downhole depth.
Drilling this will follow the completion of two diamond holes currently in progress at another priority target at Molopo, T1-6.
Paul Johnson, Power Metal’s chief executive, said: "Drilling is successfully underway at the priority target area T1-6 where a very large geophysical conductor was identified from recently completed geophysical surveys, the initial results of which we announced on 16 August 2022.
"Today's news potentially has even greater significance with the confirmation of a major conductor at T2-3 which adds another high-priority target to the list for drill testing during the ongoing campaign.
“Significantly, airborne magnetic survey results over this new conductor suggest that it could be very sizeable.
“Our focus is the continuation of drilling at T1-6 which is still in its early stages and where the diamond drill is progressing down to the target zone.”