(Alliance News) - Power Metal Resources PLC on Tuesday noted that drilling at the Molopo Farms Complex nickel sulphide and platinum-group metal project in Botswana is "progressing well".
Power Metal has just over an 18% stake in Kalahari Key Mineral Exploration Pty Ltd, the operator of the project. It also has elected to earn-in a further 40% stake in Molopo Farms and once completed, it will have a 51% interest in the project.
Two Shields Investments PLC, which has an 18% stake in Kalahari Key, noted the announcement.
Power Metal Chief Executive Officer Paul Johnson said: "We are very pleased to provide a drilling update for our first drill hole at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. The drilling is progressing well with the results thus far supporting the geophysical model, for an intrusion feeder zone which could host the potentially mineralised conductive bodies we are targeting with this drilling programme."
Power Metal shares closed 10% lower at 1.80 pence each in London on Tuesday. Two Shields shares are suspended from trading.
By Eric Cunha; ericcunha@alliancenews.com
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