Option exercised to acquire a 100% interest in two licences in the Tati Greenstone Belt
Power Metal Resources exercises option for Tati Gold-Nickel Project in Botswana. (Credit: Gerd Altmann from Pixabay)
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company announces today that it has exercised its option (the “Option”) to acquire a 100% interest in two gold-nickel exploration licences located within the Tati Greenstone Belt (the “Tati Project” or the “Project”) located near Francistown, Botswana, through its local wholly owned operating subsidiary Power Metal Resources Botswana Pty Limited (“Power Metal Botswana”).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Tati Greenstone Belt is an ancient Archaean greenstone belt in the east of Botswana towards the Zimbabwe border. Francistown and its surrounding area were the site of the first South African gold rush in the nineteenth century, and have not had extensive modern exploration.
The Company’s due diligence review of historic data identified numerous multi kilometre-scale nickel, arsenic and gold anomalies, which are now the subject of an ongoing Phase I exploration programme which includes detailed geochemical sampling, mapping and prospecting.
We consider that the Tati Project is highly prospective and has the potential to deliver major gold and nickel discoveries, and on that basis we have exercised our option to acquire a 100% interest in the Project.
This transaction brings Power Metal to four project interests in Botswana, demonstrating our commitment to this secure and supportive jurisdiction therefore exposing our shareholders to tremendous upside across a highly attractive portfolio which alongside the Tati Projects now includes:
– 50% interest in a strategic joint venture (“SJV”) with Kavango Resources plc (“Kavango”) at the South Ghanzi Kalahari Copper Belt project targeting copper-silver discoveries with multiple airborne electromagnetic (“AEM”) geophysics targets and geochemical copper-zinc anomalies including some geographically extensive targets including the Morula Target which extends for over 18km in length and remains open along strike.
– 50% interest, also in the SJV with Kavango, in the Ditau Camp project targeting rare earth discoveries within large scale potential carbonatite intrusive bodies where three key target areas have recently been prioritised for drilling.
– An effective 50.8% economic interest in the Molopo Farms Complex project with JV partner Kalahari Key Mineral Exploration Pty Ltd targeting magmatic intrusion-hosted massive and disseminated nickel-copper sulphide and platinum group element (“PGE”) discoveries.
The Tati Project will shortly be delivering exploration updates to the market as the samples collected are due to to be assayed utilising multi-element analysis. In addition, the objective is to see drill programmes running across all four Botswana interests in 2021, seeking multiple metal discoveries across the portfolio.”
Source: Company Press Release