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(Sharecast News) - Shares in Power Metal jumped on Tuesday after it confirmed the presence of nickel sulphide targets at the Molopo Farms Complex (MFC) project in Botswana.
The project consists of licenses covering an area of 2,725 square kilometres that are considered prospective for Nickel-Copper-PGMs mineralisation and is fully owned by Kalahari Key, in which Power Metal has a 18.26% shareholding.
The AIM traded company also has a right to elect to earn into a 40% direct project interest in the MFC project by investing $500,000 in the project by 31 December 2020, which would leave it with an effective economic interest of 50.96%.
Paul Johnson, executive director of Power Metal, said: "I remain fascinated by the Kalahari Key opportunity and intrigued as to what might lie beneath the drill locations. I am equally keen to work with the Kalahari Key team to determine and implement the project development pathway. We look forward to keeping shareholders updated in this regard."
Power Metal shares were up 19.33% at 0.45p at 1603 BST.
16 May 2022 20:30
IN BRIEF: Power Metal investee First Class lands Pickle Lane permit
Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Investee First Class Metals PLC receives exploration permit for the Pickle Lake area in Ontario, Canada. Confirms arn-in joint venture partner Palladium One will launch drill programme at Pickle Lane. Power Metal has just over 36% stake in First Class.
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