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Botswana Molopo Farms Complex - Progress Update
Botswana Molopo Farms Complex - Progress Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 7082V\n Power Metal Resources PLC\n 11 August 2020\n \n \n \n 11 August 2020\n Power Metal Resources PLC\n (\"Power Metal\" or the \"Company\")\n Botswana Molopo Farms Complex - Progress Update\n Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Kalahari Key Mineral Exploration Pty Ltd (\"Kalahari Key\" or \"KKME\") Molopo Farms Complex Project (the \"Project\" or \"MFC Project\"), which is targeting prospective massive nickel sulphide mineralisation in Botswana.\n Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in (\"Earn-In\") to a 40% direct interest in the MFC Project by expending US$500,000 on exploration expenditure, notably target drilling, in 2020. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.\n \n Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:\n \"KKME continue to make progress toward the objective of drilling major nickel sulphide targets in Botswana. The team at KKME are continuing to work with the Botswana authorities to secure approval of the Environmental Management Plan, which is the final regulatory step before launch of the drill programme.\n As with many nations, Botswana has been managing the impact of Covid-19 and has taken a number of robust steps in this regard. We are optimistic with the measures taken and subject to regulatory approvals, the Molopo Farms Complex drill programme can commence in the near term.\n As a result, we are making final preparations in drill programme planning, and further refining the drill targets through the launch of the Audio Magneto-tellurics survey (\"AMT\") described below. We have also now established a dedicated US Dollar account covering the US$500,000 earn-in expenditure for the drilling programme.\n To be clear the US$500,000 cost is fully covered by the existing financial resources of Power Metal. As at today's date the cash and listed investments held by the Company amounted to £1.65million or circa US$2.15million.\n Implementation of the planned drill programme will be a significant event for Power Metal and KKME, as we will be targeting nickel sulphide targets of considerable scale. ...