(Alliance News) - Power Metal Resources PLC on Thursday said that drill assay results had revealed significant nickel intersections at the Botswana Molopo Farms Complex.
The AIM-listed metals exploration firm commenced drilling in October 2020 with assay results revealing the presence of nickel, copper and zinc.
Chief Executive Officer Pual Johnson commented: "We are delighted to report that significant nickel intersections have been confirmed by the first batch of assay results received for the diamond drilling at the MFC Project.
"Recognising these drill results come from early stage reconnaissance drilling it is extremely positive to identify nickel mineralisation as confirmed today."
On Thursday it also announced it had secured an extension to its option to acquire First Development Resources Ltd, an Australian private company with a portfolio of copper-gold focused exploration interests in Western Australia.
The original option agreement provided for a period ending 8 April 2021, and this has now been extended to 16 April 2021.
The extension was necessary to allow sufficient time to finalise due diligence work.
Shares in Power Metal Resources closed 2.3% higher in London on Thursday at 2.20 pence. The stock is down 20% so far in 2021.
By Will Paige; willpaige@alliancenews.com
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Power Metal (POW)