LSE-listed mineral explorer Power Metal Resources reports that two prospecting licences (PLs) for its 100%-owned gold and nickel Tati project have now been successfully transferred into Tati Greenstone Resources (TGR) – a wholly-owned private Botswana-based subsidiary of Power Metal.
On July 28, 2021, Power Metal exercised an option to acquire a 100% interest in the Tati project, and the process was commenced to transfer the two project PLs (PL 126/2019 and PL 127/2019) into TGR.
The district-scale PL126/2019 and PL127/2019 licences cover an area of 35 km2 and 89 km2, respectively.
The PLs were established in October 10, 2019, and grant an exclusive prospecting right to the owner for a period of three years ending September 30 this year.
Power Metal intends to satisfy the third-year expenditure requirements and seek renewals for both licences later in the year.
Power Metal CEO Paul Johnson says, “we are grateful for the support of the vendors and the local authorities in Botswana during this transfer process and also to our in-country team members who have been key to the establishment of our local holding company and to various operations on the ground.”
He adds that Power Metal has been highly proactive at the Tati project, with a number of exploration programmes having been implemented throughout 2021. These have identified multiple large-scale gold and nickel-in-soil anomalies, some of which Power Metal targeted during a recent reverse circulation (RC) drilling programme.
Initial exploration conducted by Power Metal in 2021 highlighted five target areas across the two PLs, which are defined by kilometre-scale geochemical anomalies that are coincident with various geological structures that were highlighted by ground geophysical surveys.
Following successful initial exploration, Power Metal recently completed a maiden drill programme at the Tati project, comprising 23 RC drillholes for a total 1 092 m drilled. The RC holes tested multiple nickel and gold targets across the PLs.
RC samples were shipped to Johannesburg, South Africa, for sample preparation at Intertek Genalysis’ preparatory facility, and have since been shipped and received in Perth, Australia, at Intertek's laboratory where they are undergoing analysis.
“We . . . look forward to the receipt of the assay results from the drilling programme and further steps,” says Johnson.