Power Metal Resources PLC (AIM:POW) said it has identified a geophysical electromagnetic conductor at its Molopo Farms Complex project in Botswana.
The company is targeting a large-scale nickel-copper-platinum group element discovery at Molopo, where drilling is currently underway.
Detailed work in regard to electromagnetic survey results over the target area known as T1-14 has also been ongoing.
T1-14 has now been upgraded to priority status and will be subject to diamond drilling in the coming weeks, as it is now the strongest conductor identified on the project to date.
Drilling will commence after the completion of two other diamond drillholes, both targeting a conductor identified within another target area, known as T1-6.
"The momentum at our Molopo Farms Complex Project continues to build and we now have four Company designated priority (A+) targets that we plan to test during the ongoing drilling campaign,” said Paul Johnson, chief executive of Power Metal Resources in a statement.
“The results from the extra MLEM work over target area T1-14 are quite definitive and have resulted in the upgrade of this target area following the identification of a superconductor. I appreciate that the mineral discoveries under cover that we seek at Molopo Farms, and at other company interests, often require a long lead time with complex preparatory work often needed to define drill targets. However, we have the rig drilling now at Molopo Farms and the drill testing of the T1-14 superconductor, targeting a massive nickel sulphide discovery, is expected to commence in the coming weeks," he added.