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(Alliance News) - Power Metal Resources PLC and Kavango Resources PLC said on Friday that they have identified seven conductive targets at the South Ghanzi project in Botswana.
The South Ghanzi project is held in a joint venture between the exploration companies, with Kavango acting as the operator. The project is focused on the exploration of copper-silver deposits within the Kalahari Copper Belt.
In separate statements, the companies said seven conductive drill targets had been identified by the airborne electromagnetic surveys carried out in February, which Kavango described as "very encouraging".
Kavango Chief Executive Michael Foster commented: "The results to date from the South Ghanzi project have been very promising. We are particularly encouraged by the elevated copper and zinc readings, which correlate closely with sizeable sections of the shallow depth AEM conductors."
Initial data suggest a range of target depths between 40 and 400 metres for exploration drilling, Kavango said. It will follow up with additional soil sampling, trenching and geological mapping ahead of a drilling programme planned for later in 2021.
Shares in Power Metal were up 2.1% at 2.40 pence at midday on Friday in London while Kavango shares were 4.2% higher at 4.28 pence.
By Will Paige; willpaige@alliancenews.com
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