Shares of Power Metal Resources PLC rose 17% on Tuesday after the company said that it plans to bring forward its 2022 drill plan on the Molopo Farms project in Botswana, after receiving positive survey results.
The London-listed exploration company said that a survey over drillholes K1-6 on the nickel-copper-platinum group discovery in southwestern Botswana has highlighted a large shallow dipping magnetic conductor. It added that the drilling programme will consist of six holes at 2,600 meters and focus on testing the central and stronger part of the magnetic conductor.
“Today’s exploration news is, in my view, potentially one of the more significant the company has released in its three-year history as Power Metal,” Chief Executive Paul Johnson said.
“As a result of the findings, multiple drillholes planned for the 2022 programme will target the centre of the magnetic conductor where we believe there is the potential for a more strongly mineralised system where the conductive response is considerably stronger and larger.”
Shares at 1003 GMT were up 0.15 pence at 1.02 pence.
