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Power Metal Resources Shares Rise After Reporting Significant Nickel Intersections

Updated: 8 Apr 2021

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.

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“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.”

POW Price chart
Source: IG

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%.

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