The second hole has a planned down-hole target depth of 500m to the upper side of a conductive body modelled from geophysical survey data
Power Metal Resources, a metals exploration and development company, is pleased to announce the commencement of the second diamond drill hole (KKME 1-6) at the Kalahari Key Mineral Exploration Molopo Farms Complex Project, which is targeting prospective massive nickel sulphide and platinum-group metal (“PGM”) mineralisation in Botswana.
The second hole (KKME 1-6) of a planned 2,505 metre four-hole programme commenced diamond drilling yesterday.
Hole KKME 1-6 is inclined at 60 degrees and has a planned down-hole target depth of 500m to the upper side of a conductive body modelled from geophysical survey data.
This second drill collar is located in the project’s Tshepo (Hope) Central Target Area, approximately 20km west-southwest of the programme’s first drill hole KKME 1-14 and along strike on the shear zone interpreted as the Molopo Farms Complex Feeder Zone.
The Tshepo (Hope) Central Target Area lies within the centre of the interpreted feeder zone inside the near-surface sub-crop of the Molopo Farms Complex in Licence PL311/2016.
An analysis of data from agricultural water boreholes in the vicinity shows that serpentinite ultramafic units can be expected directly under the Kalahari cover in this area.
CHIEF EXECUTIVE OFFICER UPDATE
Paul Johnson Chief Executive Officer of Power Metal Resources commented:
“I am pleased to report the second exploration hole, KKME 1-6, to test conductive targets within the Molopo Farms Complex feeder zone has now commenced.
This hole is designed to test Target 1-6 a conductive geophysical body within the Tshepo (Hope) Central Target Area, approximately 20km WSW of the previous hole KKME 1-14, which is located in the project’s Chipo (Gift) Northern Target Area.
We look forward to sharing further findings in due course.”
OWNERSHIP STRUCTURE – MOLOPO FARMS COMPLEX PROJECT
Power Metal currently 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 funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets (the “Drill Programme”). On completion of the Earn-In, and on the basis of the current 18.26% shareholding in Kalahari Key, Power Metal will have an effective economic interest of 50.96% in the MFC Project.
THE DRILL PROGRAMME
The Drill Programme is for an initial planned 2,505m across four diamond core drill holes with planned target hole depths varying from 525m to 710m.
The Drill Programme is designed to intersect four high priority targets prospective for massive nickel sulphide mineralisation, delineated by both Time Domain Electromagnetic (“EM”) and Natural Field Audio Magneto Telluric (“NF-AMT”) geophysics surveys.