Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
On Wednesday, Power Metal Resources (LON: POW) announced that it has successfully completed the Phase I work programme on its two gold-nickel licences in the Tati Greenstone Belt.
Power Metal exercised an option to acquire a 100% interest in the Project in July through its local wholly-owned operating subsidiary Power Metal Resources Botswana.
A total of 1,107 soil samples and 49 rock samples were collected across the five grid areas.
Mapping completed throughout the programme identified several old workings, including historical trenches, mine shafts, and adits across both prospecting licences.
The company said several areas were designated for immediate follow-up.
Paul Johnson, CEO of Power Metal Resources, commented: “The completion of this Phase I programme so quickly after option exercise is a key step for Power Metal and we look forward to receipt of test results from the 1,156 soil and rock samples collected.
“The due diligence work completed earlier this year by our exploration teams demonstrated multiple multi-kilometre arsenic, gold, and nickel anomalies, and we believe the results from our Phase I ground exploration programme will continue to demonstrate the size, scale and magnitude of the targets that exist within the licences.
“We expect the results generated will allow us to plan for our Phase II Programme which will include geophysics, as well as Rotary Airblast (“RAB”) drilling, which is planned for late summer 2021.”
Power Metal Resources' share price is currently 0.3% above Tuesday's close at 2.12p.
After a fall from the $2,000 level, could gold be set for another run higher? If you're a gold investor, you won't want to miss out on these stocks… Discover which companies our analysts are focusing their attention on for the coming months. If gold does move back to $2,000, these investments could see significant gains
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .