Aim-listed Power Metal Resources (POW) has recorded an update in respect of the Kalahari Key Mineral Exploration (KKME) Molopo Farms Complex (MFC) project, which is targeting prospective massive nickel sulphide mineralisation in Botswana.
POW has an 18.26% shareholding in Kalahari Key and has elected to earn in to a 40% direct interest in the MFC project by expending $500 000 on exploration expenditure, notably target drilling, this year.
On completion of the earn-in, POW will have an effective economic interest of 50.96% in the MFC project.
A helicopter-borne electromagnetic survey, followed by ground geophysics, and subsequent desktop review, has, to date, identified a total of eight targets prospective for nickel and platinum group metals (PGMs).
Four high-profile drill targets have been selected for drilling, with eight drill holes designed to test these targets.
"The scale of potential prospectivity at the MFC project was demonstrated by the large number of nickel/PGM targets identified during ground geophysics and this has now led to a clustering of targets into four groups.
"The MFC project is increasingly attractive and we look forward to the pursuit of ground exploration, notably high-profile target drilling,” says POW CEO Paul Johnson.
Initial drilling at MFC will focus on the Chipo target group in the northern area of the MFC project where the decay constant from ground geophysics reaches or exceeds the high levels associated with other massive sulphide discoveries in the region.