Power Metal completes first phase of work at Tati
By Josh White
Date: Wednesday 04 Aug 2021
(Sharecast News) - Exploration company Power Metal Resources has successfully completed the first phase work programme on its two gold-nickel licences in the Tati Greenstone Belt near Francistown, Botswana, it announced on Wednesday.
The AIM-traded firm exercised an option to acquire a 100% interest in the project on 28 July through its local wholly-owned operating subsidiary Power Metal Resources Botswana.
It said a total of 1,107 soil samples and 49 rock samples were collected across the five grid areas during the programme, exceeding the 1,000 soil samples that was originally planned.
Mapping completed throughout the programme identified several old workings, including historical trenches, mine shafts and adits across both prospecting licences.
Samples were taken from those features when possible.
Several areas were designated for immediate follow-up based on mapped structural and geological observations, with a second phase programme, including ground-based geophysics, being considered ahead of a rotary air blast drilling programme, planned for the late summer.
Soil samples from grids 2-5, totalling 727 samples, would be analysed by a portable x-ray fluorescence spectrometer (pXRF).
Samples from grid 1, totalling 380 samples, as well as all rock samples,had been submitted for laboratory assay by Intertek Group in Perth, Australia.
Laboratory assay and pXRF results from the programme would be released to the market following receipt, compilation and interpretation by Power Metal.
"The completion of this first phase programme so quickly after option exercise is a key step for Power Metal, and we look forward to receipt of test results from the 1,156 soil and rock samples collected," said chief executive officer Paul Johnson.
"The due diligence work completed earlier this year by our exploration teams demonstrated multiple multi-kilometre arsenic, gold, and nickel anomalies, and we believe the results from our first phase ground exploration programme will continue to demonstrate the size, scale and magnitude of the targets that exist within the licences.
"We expect the results generated will allow us to plan for our second phase programme which will include geophysics, as well as rotary air blast drilling, which is planned for late summer."
At 1432 BST, shares in Power Metal Resources were flat at 2.1p.
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