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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