(Alliance News) - Power Metal Resources PLC and Two Shields Investments PLC on Wednesday have received the initial findings from the ground geophysics undertaken by Kalahari Key Mineral Exploration Pty Ltd at the Molopo Farms Complex project in Botswana.
Power Metal has an 18% holding in Kalahari and also has a right by the end of 2019 to earn into a 40% direct project interest in the Molopo Farms Complex project by investing USD500,000 in the project by the end of 2020. Should it elect to earn in, Power Metal will hold an effective economic interest of 51% in the project.
Investment firm Two Shields has an 18% interest in Kalahari. In addition, it owns 15.2 million shares in Power Metal, representing 4.1% stake.
The exploration and development company Power Metal and Two Shields said the project consists of licenses, covering an area of 2,725 square kilometres, that are considered prospective for nickel-copper-platinum group metals mineralisation and is 100% owned by Kalahari.
"Once again, the Kalahari team have delivered on schedule with six priority drill targets outlined from the ground geophysics programme," said Power Metal Executive Director Paul Johnson.
"Given the surge in nickel prices of late, and what we believe are compelling supply/demand dynamics into the future, Power Metal is fortunate to have this exposure to Kalahari and the promising Molopo Farms Complex project in Botswana," added Johnson.
Power Metal shares were untraded in London on Wednesday, last closing at 0.45 pence each, while Two Shields shares were down 4.6% at 0.16p each.
Power Metal (POW)