London-listed exploration company Power Metal Resources has renewed key prospecting licences at the Molopo Farms Complex project, in south-western Botswana, for two years.
Renewal documentation has been received in respect of prospecting licence 310/2016 and prospecting licence 311/2016, with the latter covering the area where drilling was completed in 2021 from which significant nickel intersections were confirmed.
"The renewal of PL310/2016 and PL311/2016 represents an important milestone for the project, providing a further two years for ongoing exploration following the initial successful drilling campaign completed early in 2021," said Power Metal Resources CEO Paul Johnson.
The drilling campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6), including individual assay results up to 1.7% nickel, representing the highest nickel grade achieved from the Molopo Farms Complex to date.
Power Metal holds a 40% direct interest in the Molopo Farms Complex project and a 20.65% shareholding in Kalahari Key Mineral Exploration (KKME), which holds the remaining 60% interest. Kavango Resources currently has an option to acquire up to 85.2% of KKME, including Power Metal's shareholding.
"Kavango Resources is continuing its option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks," said Johnson.