Power Metal Resources reported the extraction of a core sample from the DIDD004 hole in its Botswana Ditau drill programme, which provided promising magnetic susceptibility readings.
The core displayed visible siliceous and haematitic zones, alongside local pervasive pyrite presented as disseminations and in veins.
Power Metal Resources also said extensive fracturing was observed throughout the core and elsewhere in the drilled hole.
The sample was extracted following a drill hole depth of 389 metres reached in the DITDD004 hole, the second operation at the Ditau project.
The Ditau project is currently held as a 50/50 joint-venture listed as Kanye Resources with Kavango Resources, who also operate the project, which has been identified as a potential source of carbonatite hosted rare-earth element, base-metal and possible precious-metal mineralisation.
The core was sourced from the group’s i10 target, which is a discrete 2.2 kilometre in diameter magnetic anomaly which the venture had previously modelled as a possible carbonatite.
Power Metal Resources confirmed that preliminary magnetic susceptibility readings were recorded on the core between 293-321 metres on the “zone of interest”, representing a combined 28 metres of core length.
The readings reportedly coincided with a visibly altered section that Kanye Resources is set to immediately cut half-core samples from to send to the assay laboratory for multi-element analysis.
“The core extracted from hole DITDD004’s Zone of interest, spanning a combined 28m, is fascinating from a geological perspective and we are eager to see the results from further analysis thereon – including laboratory multi-element assays,” said Power Metal Resources CEO Paul Johnson.
“The magnetic modelling undertaken to develop this target appears to be reliable, which is also particularly encouraging for DITDD004 and future drill holes within Ditau.”
“I look forward to reporting further plans and progress over the coming weeks.”
Future Steps
Power Metal Resources mentioned that a one kilometre Audio-Magnetotelluric (AMT) survey would be performed over the i10 target over the coming weeks, in a move to record data to additionally define the shape and form of the zone of interest.
The company added that Mindea Exploration and Drilling Services was in the process of mobilising the diamond core drill rig to target i1 at Ditau, which is the largest of three geophysical targets which Kanye Resources intends to drill in its current campaign, including i10, i1 and i8.
Power Metal Resources confirmed that a future update on the condition of the project would be released shortly regarding the drill hole.
The joint-venture added that its plan moving forward was to collect high-frequency AMT profiles over potential near-surface carbonite targets in order to resolve the location of breccia zones and intrusive sills/dykes intersected in drill hole DITDD003.
Kanye Resources said it had identified 12 geophysical targets at the Ditau Project, i1 to i12, which were believed to be caused by potential carbonatites or intrusive complexes that might host carbonatites, which account for the primary source of mined rare-earth minerals, and are valuable across a selection of high-tech industries.
Spin-Out Companies
Power Metal Resources also commented in its recent quarterly results that the company had made progress in its plans to spin out Golden Metal Resources, which is currently targeting listings on the London capital markets in Q2 2022, alongside First Class Metals.
The company added that First Development Resources and New Ballarat Gold Corporation were targeting listings in the London and Australian markets in early Q3 2022.
Power Metal Resources shares were down 1.7% to 1.4p in early afternoon trading on Wednesday, following the mining firm’s report.
