Power Metal Resources PLC (LON:POW) has highlighted “large scale” nickel sulphide targets at its projects in Botswana and Tanzania as it updated investors on the status of its various projects.
The explorer said work done at the Molopo Farms project in Botswana and the Haneti project in Tanzania had identified targets for nickel sulphide.
The Africa-focused metals explorer said work done in conjunction with its partners at the Molopo Farms project in Botswana and the Haneti project in Tanzania had identified targets for the metal, which was seeing a recovery in market price amid rising demand.
POW said that the potential for a nickel sulphide discovery amid more favourable market conditions had compelled them to apply time and resources to the projects, which were now progressing to the drilling stage.
Meanwhile, the company said its projects in Cameroon and the Democratic Republic of the Congo (DRC) had identified vanadium and copper anomalies respectively, which would be investigated further.
Paul Johnson, POW’s Chief Executive, said the company was also pursuing dialogue with larger organisations with a view to a farm-in, joint venture or disposal of its project interests, adding that there was “clear interest” in its nickel exploration projects.
In late-morning trading on Monday, Power Metal shares were down 5.3% to 0.5p.