Power Metal Resources PLC - metals exploration and development company - Says on Monday that KKME 1-6, the second exploration drill hole of a 2,505 metre four-hole programme at Kalahari Key Mineral Exploration Pty Ltd's Molopo Farms Complex project in Botswana, is now at a depth of 286 metres.
"The first hole produced 167 metres of ultramafic rock and this second hole has already produced about 260 metres of ultramafic rock, which has potential to host nickel and platinum group metals, and will be subject to assay testing," says Chief Executive Paul Johnson.
Adds drilling team will continue to drill the hole to a target depth of 500 metres.
Power Metal has an 18% stake in Kalahari Key and has agreed to earn in a 40% interest in the Molopo Farms project by funding USD500,000 of exploration expenditure in 2020.
Current stock price: 2.10 pence
Year-to-date change: up more than five-fold
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Power Metal (POW)