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Power Metal Resources PLC - London-based metal discoveries company with projects focused in Africa, Australia and North America - Alongside Katoro Gold PLC, announces that drill rig has been mobilised to the Haneti nickel project site in Tanzania, and has started drilling.
The Haneti project is currently held under a joint venture with Katoro, which holds a 65% interest, and Power Metal, which holds the remaining 35% interest.
The planned 1,000 metre drill programme consists of three deep diamond core targeting magmatic sulphide hosted nickel, copper and platinum group metals. The work will be the first diamond drilling conducted by the joint venture within the Haneti project area.
"This is a great day, one that has been years in the making, as we commence inaugural diamond drilling at the Haneti Project targeting magmatic sulphide hosted nickel, copper, cobalt and platinum group metals. Haneti represents a district scale opportunity and we hope that drilling will unlock further value from the Project enabling our technical team to better understand the various geological environments," saysChief Executive Officer Paul Johnson.
Current stock price: 1.37 pence
12-month change: down 47%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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