Power Metal Resources PLC (LON:POW) has provided an update on drilling progress by Kalahari Key, a company in which it has an 18.26% interest.

Kalahari Key is currently drilling the Molopo Farms project, and has reached depth of 445 metres, where it is now approaching the target zone.

Power Metals has elected to earn in to a direct 40% interest in Molopo Farms by spending US$500,000 on exploration in 2020.

On completion of the earn-in, Power Metal will have an effective economic interest of 50.96% in Molopo Farms.

The project is prospective for nickel and platinum group metals.

“As this is the first hole on the project into unknown geology the drilling has been proceeding cautiously to maintain the 100% core recovery, but with the rig now expected to average around 30m/shift we expect the hole to reach the start of the conductive target within the next few days,” said Power Metals chief executive Paul Johnson.

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