Power Metal Resources PLC (LON:POW) said a natural field audio magneto telluric (NFAMT) survey has been completed at the Molopo Farms Complex project in Botswana, which is 40% owned by Kalahari Key Mineral Exploration (KKME), in which the company holds an 18.26% holding.
The AIM-listed firm said the NFAMT survey has covered a selected four of eight high priority targets for nickel-platinum group metals which were identified in previous high-resolution airborne electromagnetic and ground geophysics.
Power Metal added that the survey results have produced “high quality conductivity depth images (CDIs) which correlate, confirm and reinforce the results of the previous ground EM geophysics, highlighting significant depth extensions and increasing conductivity interpreted to be indicative of mineralisation with depth”.
As a result, the firm said the NFAMT data has helped to fine-tune the depth and shape of drill targets, refine their collar positions for planned drill holes which are designed to intersect the centres of the first four high priority targets.
The data has also shown the targets appear to continue at depth as well as identifying additional areas for future investigation.
"These results show very good correlation to both the ground and high-resolution airborne EM results, adding significant resolution to the depth, size and shape for prospective massive nickel sulphide targets”, said Power Metal chief executive Paul Johnson.
“Moreover, the results show increasing conductivity with depth, possibly relating to an increase in the tenor of possible mineralisation with depth. We are looking forward to receiving the full geophysical analysis and report ahead of KKME commencing drilling", he added.
Power Metal later announced that its 49.9%-owned Australian gold joint venture company Red Rock Australasia (RRAL) has submitted a new additional license application for a further tenement, EL007460, known as Kilmore West, covering a new target area.
Kilmore West contains numerous former mine workings and mineral occurrences and includes the old Donnybrook goldfield to the south of the license, the company said.
The new application, which has an area of 349 sq km, gives RRAL a contiguous block in the Kilmore area of 835 sq km and, overall, has 12 license applications covering 2,188 sq km in the Central Victoria Goldfields.
"The RRAL work is being undertaken in an environment where the wider structural understanding of the Victoria Goldfields is developing rapidly and where RRAL's work is revealing new prospective gold target areas," Johnson said.
"Given the material findings from the work at Evergreen, and the significant new gold target areas confirmed, RRAL decided to secure the additional ground under application, and this was executed immediately."
He added: "We are developing exploration plans for each project as further information is gathered and new targets are revealed.
"The opportunities within the JV license application area are extensive and it is an exciting time as we continue to push on from an operational and corporate perspective."
The company’s shares were flat at 1.2p in afternoon trading on Thursday.