Aim-listed exploration and development company Power Metal Resources has elected to earn in to a 40% direct interest in the Molopo Farms Complex (MFC) project, in Botswana, by expending $500 000 on exploration expenditure, notably target drilling, this year.
On completion of the earn-in, Power Metal will have an effective economic interest of 50.9% in the MFC project.
The MFC project forms part of Kalahari Key Mineral Exploration (KKME), which is targeting prospective nickel sulphide mineralisation in Botswana.
KKME has also received written confirmation from the country’s Department of Environmental Affairs that the environmental management plan (EMP) has now been approved.
The EMP covers planned drilling operations at the MFC project and represents the last formal regulatory step prior to the start of drilling.
KKME is now finalising drilling plans and is looking to start work as soon as possible, a statement on August 18 confirmed.
Power Metal CEO Paul Johnson says the receipt of the EMP approval is “a major step forward” for KKME and the company.
"Power Metal has a diverse portfolio of interests, but undeniably the launch of a drill programme targeting prospective large-scale massive nickel sulphide mineralisation must be one of the key moments in a junior exploration company's life cycle,” he said.
As part of the preparatory work, KKME and its geophysical consultants have been completing the Audio-Magnetotellurics survey to further refine drill targets, which is well advanced with the initial results in terms of target confirmation positive.