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(Alliance News) - Power Metal Resources PLC on Tuesday said momentum continues to build at its Molopo project after a geophysical survey revealed "massive sulphides" at the licence.
Power Metals is a London-based metals exploration company, with assets in Australia, Africa, and North America. It currently has a 53% economic interest in Molopo, a farms complex in southwestern Botswana where drilling is already underway.
As work continues on the moving loop electromagnetic survey carried out at the Molopo licence, Power Metals said it has identified a geophysical electromagnetic "superconductor" at the T1-14 target area, with a conductance reading akin to that of massive sulphides.
Following these results, the superconductor has been upgraded to priority status, and will be subject to drilling in the coming weeks. It is the strongest MLEM conductor identified on the project to date.
Drilling will begin after the completion of diamond holes DDH1-6B and DDH1-6B, both targeting the conductor identified within target area T1-6.
"I appreciate that the mineral discoveries under cover that we seek at Molopo Farms, and at other Company interests, often require a long lead time with complex preparatory work often needed to define drill targets," said Chief Executive Officer Paul Johnson.
"However, we have the rig drilling now at Molopo Farms and the drill testing of the T1-14 superconductor, targeting a massive nickel sulphide discovery, is expected to commence in the coming weeks."
Power Metal shares closed 0.4% lower at 1.32 pence each in London on Monday.
By Holly Beveridge; hollybeveridge@alliancenews.com
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