Aim-listed Power Metal Resources has exercised its option to acquire a 100% interest in two gold/nickel exploration licences located within the Tati Greenstone Belt, near Francistown, Botswana, through its local wholly owned operating subsidiary Power Metal Resources Botswana.
"The Tati Greenstone Belt is an ancient Archaean greenstone belt in the east of Botswana towards the Zimbabwe border. Francistown and its surrounding area were the site of the first Southern African gold rush in the nineteenth century, and have not had extensive modern exploration,” Power Metal CEO Paul Johnson explains.
He indicates that the company’s due diligence review of historic data identified numerous multi-kilometre-scale nickel, arsenic and gold anomalies, which are now the subject of an ongoing Phase I exploration programme, which includes detailed geochemical sampling, mapping and prospecting.
“We consider the Tati project to be highly prospective and have the potential to deliver major gold and nickel discoveries and, on that basis, we have exercised our option to acquire a 100% interest in the project,” Johnson says.
This transaction brings Power Metal to four project interests in Botswana, which Johnson acclaims demonstrates its commitment to this secure and supportive jurisdiction, therefore exposing the company’s shareholders to “tremendous upside across a highly attractive portfolio”.
The Tati project will shortly be delivering exploration updates to the market as the samples collected are due to be assayed utilising multi-element analysis.
Moreover, the objective is to see drill programmes running across all four Botswana interests this year, seeking multiple metal discoveries across the portfolio.