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Power Metal Resources initiates exploration work on the Kalahari Copper Belt joint venture

Power Metal has a diverse portfolio of assets in various jurisdictions

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Power Metal Resources PLC (LON:POW) has initiated exploration at the Kalahari Copper Belt joint venture with Kavango Resources PLC (LON:KAV).

The joint venture includes two prospecting licenses prospective for copper and covering 1,294.2 square kilometres, situated in the Kalahari Copper Belt in central west Botswana.

The ground is located directly to the southwest of the T3 and A4 copper discoveries now controlled by Sandfire Resources (ASX:SFR). 

Power Metal has a 50% interest in the joint venture.

Exploration will initially focus on soil sampling and geophysics to identify dome structures that host potential copper deposits.

The geology of the area is well known and the JV will work quickly towards test drilling of shallow targets, once it has been able to develop a geological model.

"Power Metal is seeing a number of its projects launch exploration programmes and it is particularly positive to see the expeditious launch of exploration at the KCB JV in Botswana which is targeting a large scale copper-silver discovery,” said Power Metal chief executive Paul Johnson.

“The KCB JV is following an efficient, disciplined and methodical approach designed to build a geological model that can be tested through drilling at the earliest opportunity.”

Overnight, the company announced it has received a notice to exercise warrants over 2,250,000 new ordinary shares and as a result is had received subscription monies of £22,500.

Quick facts: Power Metal Resources

Price: 2 GBX

AIM:POW
Market: AIM
Market Cap: £16.37 m
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