Power Metal Resources PLC (AIM:POW) said it had completed the transaction to increase its interest in Kalahari Key Minerals to 87.7%.
The London-listed exploration company said Kalahari Key holds a 100% interest in Molopo Farms project in southwestern Botswana, where a large-scale nickel platinum-group metal discovery is being targeted.
A 2,600m diamond drill programme at Molopo Farms is progressing well with two holes now completed at target area T1-6, and the third drill hole in progress at target area T1-14, according to a statement.
"Today's confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the company,” said Paul Johnson., chief executive of Power Metal
“We have completed the transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.”
Two weeks ago, Power metal said it had received regulatory approval to acquire an additional 58.7% interest in Kalahari Key.