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Kalahari Key Botswana Update
Kalahari Key Botswana Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1647H Power Metal Resources PLC 30 July 2019 \n\n30 July 2019\nPower Metal Resources plc (\"POW\" or the \"Company\")\nKalahari Key Botswana Update\nPower Metal Resources plc (LON:POW) the AIM listed African focused metals exploration and development company is pleased to provide an update on ground operations being undertaken by Kalahari Key Mineral Exploration Pty Ltd (\"Kalahari Key\") at the Molopo Farms Complex project (\"MFC\" or the \"Project\") a Botswana Nickel-Copper-PGMs exploration project 100% owned by Kalahari Key.\nPower Metal Resources has an 18.26% shareholding in Kalahari Key and also has a right by 31 December 2019 to elect to earn into a 40% direct project interest in the Molopo Farms Complex project, through an investment of US$500,000 in the Project by 31 December 2020. \nShould the Company elect to earn in, Power Metal Resources will hold an effective economic interest of 50.96% in the Project.\nThe Company's Kalahari Key acquisition agreement was announced on 13 May 2019 and readers can review this announcement through the following link:\nhttps://www.powermetalresources.com/n/n104/acquisition-and-earn-in-agreement-botswana-project\n \nPaul Johnson, Executive Director of Power Metal Resources plc commented: \"The pace at which the Kalahari Key team are progressing is impressive, with the ground geophysics programme expected to be completed by early August.\nThis important groundwork is designed to initially follow up 11 areas within the 17 conductor targets identified from the helicopter Electromagnetic (\"EM\") Survey and narrow down to a number of high-profile drill targets. In this region mineral deposits are under sand cover with no surface expression so the application of high-resolution geophysics is vital in identifying the most attractive drill locations.\nI am hugely excited by the opportunity the MFC project presents for our shareholders, both through the POW 18.26% shareholding in Kalahari Key and the potential for the Company to earn in to a 40% direct project interest. \nConsequently, we await with some excitement the outcome of the ground geophysics programme and the important results interpretation.\" \n \nHighlights:\n· In May 2019 Kalahari Key engaged consultants Spectral Geophysics based in Gaborone, Botswana to immediately commen...