(Alliance News) - Power Metal Resources PLC and Katoro Gold PLC on Tuesday said a drilling programme of their Haneti nickel & platinum group metals project in Tanzania is nearly halfway through.
However, Tanzania's rainy season could pose some access-related challenges, the companies warned.
Power Metal owns a 35% stake in Haneti, while Katoro owns 65%.
"The Haneti drill programme is progressing well with approaching 50% of the planned 2,000 metres of Rotary Air Blast drilling now complete," Power Metal Chief Executive Officer Paul Johnson said.
Two batches of samples from drilling will be sent for analysis, Power Metal and Katoro noted.
The duo said the January to March rainy season in Tanzania "is being monitored". Although it is yet to present any issues at Haneti, "there may be some rain related access challenges to be overcome" when the drill rig is moved to the Mihanza Hill target area of the project.
Katoro Gold shares were 1.8% higher at 2.24 pence each in London on Tuesday morning. Power Metal was down 5.2% at 2.75p.
By Eric Cunha; ericcunha@alliancenews.com
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Katoro Gold (KAT)
Power Metal (POW)