Power Metal Resources completes Molopo drillhole

(Sharecast News) - Power Metal Resources announced the completion of drillhole DDH1-14C at its Molopo Farms Complex project in southwestern Botswana on Tuesday. The AIM-traded company, focussed on exploration, was targeting a district-scale discovery of nickel and platinum group elements (PGE) in the area.

It said the hole reached a final depth of 832.6 metres, intersecting the targeted steeply dipping geophysical superconductor at high priority Molopo Farms Target Area T1-14.

The interpreted sulphide mineralised carbonaceous mudstone unit was found between depths of 760.5 and 813 metres and from 828.4 to 832.6 metres, or the end of the hole, remaining open at depth.

Abundant pyrrhotite-quartz-calcite veining and localised sulphide-dominated veins, primarily pyrrhotite, were seen within the mineralised carbonaceous mudstone.

Additionally, mostly vein-hosted sulphides, including dominantly pyrite, were present throughout the intervals.

With drilling complete, the firm said the in-country geological team would now select samples from the intervals for certified laboratory multielement and PGE assay testing.

The assay results were expected in the coming months.

"Target Area 1-14 has been of interest to Power Metal for some time due to the superconductor that was identified by multiple geophysical surveys," said chief executive officer Sean Wade.

"The previous drill holes completed into this area were unsuccessful in intersecting the targeted conductor, and now, with the completion of this drillhole, we have achieved this objective.

"We now await further updates from the in-country team as they prepare various sections from the interval for laboratory assay testing and will update the market in due course."

At 1250 BST, shares in Power Metal Resources were down 2.33% at 14.65p.

Reporting by Josh White for Sharecast.com.