LONDON (ShareCast) - (Sharecast News) - Exploration company Power Metal Resources updated the market on its inaugural diamond drilling programme on the nickel-copper-cobalt-platinum group element Haneti Project in central Tanzania on Wednesday.
The AIM-traded firm confirmed that the mobilisation of the diamond drill rig and operational team was complete, with diamond drilling having now started.

It said the Haneti Project was currently held under a joint venture with Katoro Gold, which holds a 65% interest, with the remaining 35% held by Power Metal.

"This is a great day, one that has been years in the making, as we commence inaugural diamond drilling at the Haneti Project targeting magmatic sulphide hosted nickel, copper, cobalt and platinum group metals," said chief executive officer Paul Johnson.

"Haneti represents a district scale opportunity and we hope that drilling will unlock further value from the project enabling our technical team to better understand the various geological environments.

"Ultimately, a discovery of the metals targeted could be transformational for Power Metal and our partners Katoro."

At 1541 GMT, shares in Power Metal Resources were up 1.67% at 1.4p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE