Shares of metals exploration firm Power Metals Resources (LON: POW) are up as we head into the last hour of the London session on Thursday after the company said it has completed the earn-in to a 40% direct project interest in the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms Complex Project.
The Molopo Farms Complex Project targets prospective magmatic intrusion-hosted massive nickel sulphide and platinum-group element mineralisation in Botswana.
In 2019, Power Metal announced it had the right to earn in to a 40% direct project interest in the Molopo Project by spending $500,000 on exploration, notably drilling key targets.
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The company has now fully met the $500,000 expenditure commitment with written confirmation received by Kalahari Key.
Power Metal now holds a 40% direct interest in the project and 18% of the issued share capital of Kalahari Key. As a result, Power Metal has a combined economic interest in the Molopo Project of 50.8%.
“We are seeking a World Class nickel discovery and the findings so far have been extremely positive. It is therefore with some excitement that we announce completion of our US$500,000 earn-in,” Paul Johnson, CEO of Power Metal Resources.
“Work continues at pace locally in Botswana and in the testing of samples in South Africa. In this regard I look forward to providing further updates to the market,” added Johnson.
Power Metal Resources shares are up over 10.6% so far today, priced at 2.60p.
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