Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
AIM-listed Power Metal Resources (LON: POW) reported “significant” nickel intersections were confirmed by drill assay results from its Molopo Farms Complex Project in Botswana.
Assay results from the MFC project, a district-scale exploration opportunity in south-west Botswana, revealed five intersections including 4.8m @ 0.2% Ni from 292.7m, 4.1m @ 0.49% Ni from 309m, 16.7m @ 0.16% Ni from 501.8m, 10.9m @ 0.13% Ni from 518.2m, and 3.4m @ 0.28% Ni from 594.4m.
Paul Johnson, CEO of Power Metal, commented: “We are delighted to report that significant nickel intersections have been confirmed by the first batch of assay results received for the diamond drilling at the MFC Project.
“Recognising these drill results come from early-stage reconnaissance drilling it is extremely positive to identify nickel mineralisation as confirmed today,” he continued.
“As only select intervals of drill core were sent for laboratory assay all five of the significant drill intersections can be considered open until the intervening samples are analysed.
“These results corroborate the earlier identification of Pentlandite, the primary nickel sulphide mineral, in the mineralogical samples previously submitted to Witwatersrand University.”
Power Metal said that a full assessment of hole KKME 1-6 will be made once all mineralogical and chemical analyses have been received.
Shares of Power Metal are trading at 2.25p as we head towards the close in London, up 4.60%.
Power Metal Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Power Metal Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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 .