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Kavango Option - Kalahari Key Botswana
Kavango Option - Kalahari Key Botswana.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6639T\n Power Metal Resources PLC\n 26 November 2021\n \n \n \n 26 November 2021\n Power Metal Resources PLC\n (\"Power Metal\" or the \"Company\")\n Kavango Option - Kalahari Key Botswana\n Kavango Resources plc Secures Option to Acquire Up to 51.15% of Kalahari Key Mineral Exploration Pty Ltd which will own 100% of the Molopo Farms Complex Project, Botswana\n \n Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a 3 month option has been signed (the \"Option\") whereby Kavango Resources plc (LON:KAV)(\"Kavango\") may acquire up to 51.15% of the issued share capital of Kalahari Key Mineral Exploration Pty Limited, Botswana (\"Kalahari Key\") (\"KKME\") (the \"Acquisition\").\n Kalahari Key, which would be restructured on Option exercise as outlined below, currently has an effective 60% interest in the Molopo Farms Complex Project (the \"MFC Project\" or the \"Project\") after Power Metal completed the earn-in to an effective 40% direct Project interest announced 22 April 2021 (the \"Earn-In\"). \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented: \n \"It has been clear for some time that the ownership structure of Kalahari Key needed to be streamlined and that we needed to ensure a heightened level of operational efficiency on the ground in Botswana.\n We are therefore pleased to see Kavango demonstrate an interest in the MFC Project through this Option announced today which helps achieve both outlined objectives.\n Power Metal has an existing working relationship with Kavango in the Kanye Resources joint venture covering a number of projects in Botswana and we are confident that should Kavango exercise the Option, we look forward to a positive working relationship with them as MFC Project partners going forward.\n Notably the Option fee is covered by an immediate Option work programme that will provide valuable additional information about the MFC Project and whatever the Option outcome will move the Project considerably forward from a technical perspective.\n We believe that the MFC Project is a considerable opportunity based on real world evidence already secured from Project exploration to date, including assay samples of up to 1.7% nickel...