Molopo Farms/POW16 Aug 2022 14:19
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Shares in Power Metal Resources PLC (AIM:POW) soared 14.29% on Tuesday as the exploration company reported significant results from an electromagnetic survey at the Molopo Farms Complex project in southwestern Botswana.
Preliminary survey results from Molopo Farms, which has the potential to be a large-scale nickel-platinum group element project, confirmed one of the drill holes penetrated the edge of a newly identified magnetic conductor.
"Today's exploration news is, in my view, potentially one of the more significant the company has released in its 3-year history as Power Metal,” said chief executive Paul Johnson.
“We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis” Johnson added.