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Haneti Project - Drill Programme Finalised
Haneti Project - Drill Programme Finalised.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2021U\n Power Metal Resources PLC\n 27 July 2020\n \n \n \n \n 27 July 2020\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\")\n \n \n Haneti Project - Nickel Sulphide Drill Programme Finalised\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to\n announce details of the planned confirmatory drilling programme targeting nickel sulphides at the Haneti Nickel Project in Tanzania (\"Haneti\" or the \"Project\").\n \n \n HIGHLIGHTS:\n \n \n \n \n \n Haneti Project\n \n \n \n \n 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. \n \n \n 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.\n \n \n \n \n \n \n Exploration Rationale\n \n \n \n \n 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.\n \n \n 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. \n \n \n Exploration work will align with and complement discussions with third parties, who have expressed interest in the Haneti Project.\n \n \n \n \n \n \n Drill Programme\n \n \n \n \n First stage exploration programme verifying and drill-testing potential chonolith-type nickel sulphide mineralisation \n within the HIUC.\n \n \n A\n 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.\n \n \n Airborne geophysics over the wider project area will seek to delineate additional deep-seated targets.\n \n \n \n \n \n \n Programme Funding\n \n \n \n \n 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.\n \n \n \n \n \n \n \n \n CHIEF EXECUTIVE...