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Power Metal Resources PLC - metals exploration company focused on North America, Africa and Australia - Signs drill deal with Mindea Exploration and Drilling Services Ltd, a Botswana-based company with drilling experience in-country, for about 2,600 metres of diamond drilling at the Molopo Farms Complex project in southwestern Botswana. Says drilling is scheduled to start in mid-September this year.
Chief Executive Officer Paul Johnson says: "The electromagnetic conductor, the edge of which was intersected by previous diamond drillhole K1-6 at a similar stratigraphic level to a broad nickel sulphide mineralisation interval, represents a high-priority target during the upcoming drilling programme."
Power Metal says the drilling will be paid for on a part-cash, part-equity basis, with over 50% of the anticipated contract cost to be satisfied through up to 10 million shares of 0.1 pence each, at a price of 2.25p per share.
Current stock price: 1.62 pence, up 3.0%
12-month change: down 17%
By Xindi Wei; xindiwei@alliancenews.com
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