Power Metal Resources are led by CEO Paul Johnson, and he joined London South East for an operational update today (3.11.2020). #POW have stakes in 9 early stage mineral assets globally, already have a fully funded drilling programme in Botswana and are drill-ready in Tanzania. Both Molopo Farms Complex and Haneti are drilling for a nickel sulphide PGM target.
The board of Power Metals owns 14% of the company stock and Paul himself 7%. In this way Paul says that he is aligned with shareholders: "We are here to make people money".
"We have driven the business model to make large scale metal discoveries. We have interesting projects and we are going after big, big targets with proper disciplined work programmes. Paul believes you have to build your Junior ready for the day when you make a big discovery. "We've got big projects and big opportunities, and we have to assume that we will find something substantial, and that's what we are doing.
"We've announced to market that the drill (at Molopo Farms) is proceeding really well, its a deep target, the top of the conductor is 500 meters down, and the geology that we are finding is in line with expectations which is increasing our confidence, so its all going really well.
"These kind of targets are developed from helicopter electromagnetic work. We found 17 targets, then you go down to the ground with ground geo-physics and narrow the targets down. We found 5/6 big targets which we narrowed down to 4 drill targets, 4 holes each of 2,500 meters. If we are fortunate and find nickel sulphide PGM's down there we have a major discovery on our hands, and its not just district scale.
"I like to take a stake in the holding company that has the project 100%, which is what we have done with Kalahari Key Mineral Exploration, where we have an 18% stake, and then also do a deal to enter into the project itself, and in this case with Molopo Farms we are spending half a million $US on this exploration programme in 2020. After spending this money we will earn a 40% stake - a 51% stake in total once we have done the earn-in.
That gives us a degree of protection should anything happen corporately with Kalahari.
Power Metal (POW)