Power Metal Resources PLC (AIM:POW) has announced a drilling update from the Molopo Farms Complex Project targeting a large-scale nickel-copper-platinum group element (PGE) discovery in southwestern Botswana.
In a statement, Paul Johnson, chief executive officer of Power Metal commented: "The initial findings from hole DDH1-6B are exciting, confirming the extension of pyroxenite layering to the south of original hole KKME1-6 and providing significant core intervals for expedited processing and subsequent assay testing.
"The presence of visible sulphide mineralisation toward the end of the current hole has led us to make the decision to extend the planned target depth of DDH1-6B to at least 650m."
He added: "The preliminary logging of the ongoing drillhole has confirmed the angle of dip of geological units from original hole KKME1-6 to the current hole DDH1-6B to be approximately 30°, it is also clear that we should test the northerly extension of the pyroxenite layering up-dip, to the north of KKME1-6, where we are targeting nickel sulphide mineralisation nearer to surface."
"The opportunity at Molopo Farms is considerable, so I am particularly pleased to report the findings above so early in this ongoing programme and look forward to releasing further information as soon as possible," Johnson concluded.
In September 2022, Power Metal commenced a planned 2,600 metre (m) diamond drill programme at Molopo Farms focused on the drilling of three company-designated priority electromagnetic (EM) geophysics conductors, located at target areas T1-6, T2-3 and T1-3.
The first diamond core drillhole, DDH1-6B is within priority target area T1-6 and is located 530m south of previous drillhole KKME1-6 drilled in 2020, which returned multiple nickel sulphide intervals as detailed in the company's announcement of September 24, 2021.
Drilling highlights:
- The first diamond hole, DDH1-6B, has now achieved a depth of 576m.
- Ultramafic rocks have been intersected immediately beneath relatively shallow (~24m) Kalahari Group sediments and have continued to the current hole depth.
- Preliminary inspection of DDH1-6B shows interbedded mafic units, predominantly comprised of pyroxenites and serpentinites. Pyroxenites were the host rock for nickel sulphide mineralisation found within drillhole KKME1-6.
- Visible sulphide mineralisation has been logged within pyroxenites toward the end of the current drillhole DDH1-6B. As a result, the Company has decided to extend the hole from the original 600m target depth, with the goal of intersecting additional pyroxenite layering. Drillhole DDH1-6B now has a planned target depth of at least 650m.
- Drill core recovery has been excellent, with core now being transported to the processing area. Core logging and the preparation of samples for assay testing will be expedited where possible.
Following the completion of DDH1-6B, a downhole EM survey will be undertaken in order to gather further geophysical data which will assist in the vectoring of subsequent drillholes planned to test the priority T1-6 target area.
In the interim on completion of DDH1-6B, the company will undertake a further new shallow drill hole into target area T1-6, DDH1-6B(2), from a drill location proximal to that for the original hole KKME1-6. The new drill hole is planned to a target depth of 250m. This hole will test for the potential up dip extension (shallower) of the nickel mineralised pyroxenites identified in drillhole KKME1-6, and should help the company to demonstrate the full extent of the mineralised system at this priority target area.
Power Metal currently has a current around a 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (KKME).
On May 18, 2022, Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71%. As part of the transaction, Power Metal will become the project operator and in advance of completion the company is working with the team at KKME to maintain momentum with regard to project exploration.
Workstreams are also in process to secure Botswana regulatory approvals enabling the transaction to complete, the company said.