London-listed exploration company Power Metal Resources has started the next phase of exploration on its Molopo Farms Complex (MFC) project in south-western Botswana.

The company said on August 4 that it had mobilised spectral geophysics to the MFC project, which is targeting a large-scale nickel, copper and platinum group element discovery, to conduct two electromagnetic geophysics surveys to facilitate the precision targeting of planned diamond drill holes for an upcoming drill programme.

"We are making very important progress as we look to reinvigorate the MFC project, arguably one of the company's major exploration success stories from 2020/21,” Power Metal CEO Paul Johnson said.

Power Metal said its technical team had compiled all project data into a data room to underpin forward project development. The data room is available to third parties that have expressed an interest in potential engagement on the project.

The company also said final negotiations were proceeding with Botswana drill contractors for the upcoming planned diamond drill programme.

Previously, airborne geophysics had confirmed an exploration model focusing on magmatic feeder zones within the MFC.

Significantly, the previous drill programme, which concluded last year, intersected nickel-sulphides downhole with individual grades up to 1.69% nickel, including 0.55 g/t of platinum over 0.6 m from 446.7 m downhole.

Follow-up petrographical work undertaken identified primary nickel and copper sulphides, including pentlandite, bornite and chalcocite.

“The main next step is planned diamond drilling focused on the discovery of economic nickel sulphides and following up on the highly positive results from the drill programme completed in early 2021,” Johnson said.

While the spectral geophysics is under way, Power Metal will make arrangements for the engagement of drill contractors.

Power Metal currently has about a 53% effective economic interest in MFC, held through a direct project interest and a shareholding in partner Kalahari Key. On May 18, Power Metal announced a conditional transaction that would result in its interest in MFC increasing to 87.71%.