(Alliance News) - Power Metal Resources PLC on Thursday said that it has completed surveying and modelling at its Molopo Farms Complex project in Botswana.
The London-based metals exploration and development company has a 53% economic interest in Molopo. In May, Power Metal announced a transaction that would see its interest in Molopo Farms increase to 88%.
The company said that high-resolution ground magnetic geophysics surveys had been completed over the high priority Target 1-6, one of the three target areas. 3D inversion modelling of ground magnetic data, and other geophysical datasets covering Target 1-6, has also been completed.
Using historical airborne electromagnetic survey data, the company estimates that the Target 1-6 conductors has an approximate strike length of 2,600 metres and an estimated dip down extent of 1,000 metres.
Diamond core drillhole parameters for the first two planned holes at Target 1-6 have now been established, with the two drill collar sites under preparation and drilling expected to commence shortly, the company said.
Chief Executive Officer Paul Johnson commented: "Our work at Molopo Farms is gathering pace with the parameters for the first two diamond core drillholes into Target 1-6 now confirmed. With the drill rig now on-site we expect to start drilling the first priority target hole shortly. Significantly, based on recently completed 3D geophysical modelling the strike-length of the priority conductor at Target 1-6 is interpreted to be 2,600 metres, a considerable target."
Shares in Power Metal were trading 2.5% higher at 1.54 pence each in London on Thursday afternoon.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Power Metal (POW)