Power Metals to increase stake in Botswana project


Power Metal Resources, the AIM listed metals exploration and development company, has provided written confirmation to Kalahari Key Mineral Exploration (KKME) that it has elected to earn in to a 40% interest in the Molopo Farms Complex (MPC) project currently 100% owned by KKME.

To earn in to the 40% MFC project interest POW must expend $500,000 on project related expenditure to support drilling of key nickel-copper-PGM targets in 2020. The spend requirement of $500,000 is fully covered by POW's existing cash resources.

In addition to the 40% direct project interest that will be allocated on completion of the earn in, POW also holds 18.26% of KKME equity and therefore upon earn in completion, POW will hold an effective economic interest of 50.96% in the MFC project.

Paul Johnson CEO of Power Metal Resources commented: 'Progress achieved at the MFC project has been very encouraging in 2019, with the helicopter airborne electromagnetic work delivering 17 subsurface conductor targets and the ground geophysics highlighting 5 key targets for initial drilling.'

At 8:41am: (LON:POW) share price was 0p at 0.35p

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