Power Metal Resources shares jumped on Tuesday after positive findings from their drilling campaign at the Molopo Farms Complex Project in Botswana. The project is targeting nickel-copper-platinum group elements and today’s announcement confirmed the presence of a large shallow dipping magnetic conductor, which importantly, was mineralised.
The significance of the nickel-sulphide mineralisation findings in the K1-6 drill hole are highlighted below:
7.0m @ 0.443% Ni from 445m, including 0.6m @ 1.69% Ni, 0.55g/t Pt & 0.14g/t Au from 446.7m downhole.1 This is within a broader mineralised interval from 294.7m (when pentlandite was first logged – assay result of 6606ppm Ni from 294.7 – 295.28m) to the end of the hole at 597.8m (minor sulphides logged – assay result 2852ppm Ni from 597.0 – 597.8m).
Power Metal Resources CEO, Paul Johnson spoke at the UK Investor Magazine Summer Investor Evening 30th June and gave his thoughts on the junior resource sector, emphasising how he felt it could be nearing a bottom. With a 45% jump in Power Metal Resources on Tuesday to add to gains over the last month, it at least proved to be the bottom for the company he heads up.
“Today’s exploration news is, in my view, potentially one of the more significant the Company has released in its 3-year history as Power Metal,” said Paul Johnson of today’s results.
“We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis.”
“As a result of the findings, multiple drillholes planned for the 2022 programme will target the centre of the magnetic conductor where we believe there is the potential for a more strongly mineralised system where the conductive response is considerably stronger and larger.”
With more drill holes planned in the future, investors may receive additional positive news from the junior explorer before long.