Key points:
- Power Metal Resources issued an update for its Molopo Farms Complex Project
- A geophysical EM superconductor has been identified
- POW shares gained over 3% Tuesday morning
Power Metal Resources (LON: POW) shares are up around 4% in early Tuesday trading after the company released an update on its Molopo Farms Complex Project.
Drilling is currently underway at the project, which is targeting a large-scale nickel–copper-platinum discovery in southwestern Botswana. The company explained that there has been continued detailed work concerning the moving loop electromagnetic (MLEM) survey results over the target area T1-14.
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As a result of the continued work, Power Metal stated that a geophysical electromagnetic (EM) ‘superconductor’ has been identified at T1-14, with a “conductance reading akin to that of massive sulphides.”
This has led to the superconductor at T1-14 being upgraded to priority status. Therefore, in the coming weeks, it will undergo diamond drilling, as the company stated it is now the strongest MLEM conductor identified to date.
The company will begin diamond drilling after the completion of diamond drillholes DDH1-6B and DDH1-6B, which are targeting the conductor identified in target area T1-6.
“”The momentum at our Molopo Farms Complex Project continues to build and we now have four Company designated priority (A+) targets that we plan to test during the ongoing drilling campaign,” said Paul Johnson, Chief Executive Officer of Power Metal Resources. “We have the rig drilling now at Molopo Farms and the drill testing of the T1-14 superconductor, targeting a massive nickel sulphide discovery, is expected to commence in the coming weeks.”
Despite Power Metal’s share price rise on Tuesday, the stock is down over 21% in the last 12 months.