RNS27 Jul 2020 15:42
Power Metal
Haneti Project - Drill Programme Finalised
RNS Number : 2021U
Power Metal Resources PLC
27 July 2020
27 July 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Haneti Project - Nickel Sulphide Drill Programme Finalised
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce details of the planned confirmatory drilling programme targeting nickel sulphides at the Haneti Nickel Project in Tanzania ("Haneti" or the "Project").
HIGHLIGHTS:
Haneti Project
The Haneti Nickel Project covers an area of approximately 5,000 km2 in central Tanzania and comprises tenements (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements and gold.
The main prospective belt of rocks within the Haneti Project is the linear dyke-like, Haneti-Itiso Ultramafic Complex ("HIUC"), which sporadically crops out over a strike length of 80 km.
Exploration Rationale
The JV partners being Power Metal & Katoro Gold Plc ("Katoro") are to undertake a phased exploration programme to assess the potential for nickel sulphide mineralisation within the HIUC.
Confirmation of targeted geological structures and the discovery of a new nickel sulphide deposit or deposits would generate considerable commercial value for the JV partners.
Exploration work will align with and complement discussions with third parties, who have expressed interest in the Haneti Project.
Drill Programme
First stage exploration programme verifying and drill-testing potential chonolith-type nickel sulphide mineralisation within the HIUC.
A short shallow (100m) rotary air blast drill programme will seek to verify three near-surface targets ahead of a confirmatory deep (300m) diamond drilling programme.
Airborne geophysics over the wider project area will seek to delineate additional deep-seated targets.
Programme Funding
Based on the outlined drill programme the proposed Power Metal contribution is to be funded from existing working capital, and an amount covering this has already been allocated in the Company's USD account.
CHIEF EXECUTIVE OFFICER'S STATEMENT
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: "The Haneti story is one I have been following for many years and it was a great opportunity to take a project interest for Power Metal shareholders in 2019.
We have now moved the Haneti JV forward and prepared a nickel sulphide targeting drill programme, through which we aim to advance our understanding of the geological characteristics of the Project and, potentially, make a new nickel sulphide discovery.
We are being disciplined with a two-stage drill programme using shallow rotary air blast drilling to verify the proposed targets for a follow-on deeper diamond drill programme.
The next step is a practical one, as we make preparations for the launch of the drill programme, and we look f
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