Drilling is one step closer on the Molopo Farms nickel and platinum group metals project in Botswana, in which Power Metal Resources PLC (LON:POW) has a significant stake alongside Kalahari Key Mineral Exploration Pty.
A drilling contract has been signed with the same contractors that were instrumental in discovering the T3 copper project now owned by Sandfire.
Power Metal currently has an 18.26% shareholding in Kalahari Key and has elected to earn in to a 40% direct interest in the Molopo Farms project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets.
On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the project.
The US$500,000 cost is fully funded and covered by Power Metal’s existing working capital.