- Metals exploration and development company Power Metal Resources has confirmed the successful completion of the first hole (KKME 1-14) of a planned 2,505 metre four-hole programme at the Kalahari Key Mineral Exploration Molopo Farms Complex (MFC) Project in Botswana.

In a drilling progress update, the company said the first hole achieved the target depth of 520 metres with near 100% core recovery.

Chief executive Paul Johnson said: 'For the MFC Project we have successfully and significantly validated the geological proposition that the geology at the Project is that of a feeder zone.

'We have some important work to undertake utilising the core from KKME 1-14 which includes field-based core review and sample preparation for assay testing. We are also to undertake downhole geophysics shortly to confirm the conductive structures at depth.'

He added that to keep the programme running efficiently, the drill rig will be moved to the second hole location where drilling is expected to commence imminently.

Johnson said: 'In summary, we are now full thrust into the MFC Project programme, and are already many steps forward from just a few weeks ago.

'We have validated the geological model, successfully completed our first drill hole and have core from the 520m hole which we are now examining and will be testing.'

At 2:46pm: [LON:POW] share price was 0p at 1.9p

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