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Power Metal Resources takes stake in Haneti nickel project up to 35%

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Power Metal Resources PLC (LON:POW) has exercised its  option to take its ownership in the Haneti nickel project in Zambia up to 35%.

Previously Power Metal held a 25% ownership interest in Haneti, with 75% held by Katoro Gold PLC (LON:KAT)

However, Power Metal also held an option to boost its stake, and it has now paid £25,000 to Katoro, to do so.

"Haneti is a considerable opportunity in terms of size and geological potential,” said Power Metals chief executive Paul Johnson. 

“The focus to date has been largely the nickel sulphide potential, which is understandable given the drill ready targets at Mihanza Hill and Mwaka Hill. However, alongside the drill ready targets, the full impact of the 80 kilometre potential strike length and the polymetallic opportunities across a 5,000 square kilometre strategic project footprint, mean that Haneti is a project capable of delivering discoveries in nickel sulphide and laterite, copper, platinum group metals, gold, lithium and rare earths.”

Quick facts: Power Metal Resources

Price: 1.95 GBX

Market: AIM
Market Cap: £15.96 m

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