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Power Metal Resources reports significant progress at Haneti

Published: 03:07 12 Jan 2021 EST

Power Metal Resources -

Power Metal Resources PLC (LON:POW) has updated on the maiden drill programme targeting the discovery of nickel and platinum group metals at the Haneti project in Tanzania.

Power Metal holds a 35% ownership interest in Haneti, with 65% held by Katoro Gold PLC (LON:KAT).

"The Haneti drill programme is progressing well, with approaching 50% of the planned 2,000 metres of rotary air blast drilling now complete,” said Power Metals chief executive Paul Johnson in a statement.

“Parallel field mapping and ground geophysics has also proceeded well as we seek to build data on the anomalies to drill with follow up diamond drill holes. This drilling on the Haneti project is a highly exciting venture for both Power Metal and Katoro and we look forward to reporting the technical results from this programme over the coming weeks and months," he added.

The RAB drill holes are being drilled on profiles across the three target areas in order to provide enhanced information of the subsurface shape and orientation of the ultramafic rock bodies being targeted and allowing for the optimisation of a planned follow-on diamond drill programme.

Drilling commenced on December 29, 2020, and has continued daily, with the exception of New Year's Day, for an average drilling rate of 96 metres per day. 

Power Metal's pro-rata costs contribution in respect of the programme is approximately US$110,000, and of this 50% has been paid in advance and 50% remains to be paid later. The cost of Power Metal's contribution is fully covered from existing cash resources.

The Haneti project covers an area of approximately 5,000 square kilometres in central Tanzania, approximately 88 kilometres north of Dodoma.

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