logo-loader
MiningGeneral mining & base metals
Power Metal Resources

African Battery Metals acquires interest in nickel and PGM project in Botswana

A recent airborne geophysical survey has identified several potential targets

1557732675_nickel.jpg
Nickel is used extensively in new generation batteries

African Battery Metals PLC (LON:ABM) has acquired an 18.26% stake in Kalahari Key Mineral Exploration Ltd.

Kalahari Key owns the Molopo Farms Complex project in south-west Botswana, known to be highly prospective for nickel and platinum group metals.

WATCH: African Battery Metals refinanced and recharged as it hits the ground in the DRC

The total consideration is US$194,810, to be settled out of existing cash resources.

In addition, ABM may elect to earn-in to a 40% direct project interest in the MFC roject by expending US$500,000 by 31 December 2020 on ground exploration, expected to include drilling of high priority targets.

Upon completion of the earn-in expenditure requirement, ABM will hold a total economic interest of 50.96% in the MFC project through its 18.26% shareholding in Kalahari Key and 40% direct interest in the MFC project.

The MFC Project comprises three exploration licences, covering 2,725 square kilometres which are believed to be prospective for nickel, PGM and copper mineralisation.

Kalahari Key has recently undertaken a high-resolution, helicopter-borne electromagnetic and magnetic survey, which identified 17 key zones where the conductivity of the rocks is of interest.

"I am delighted to secure this new Botswana opportunity for African Battery Metal shareholders,” said chairman Andrew Bell. 

"Botswana is an exceptional country with exciting exploration opportunities and a superb operating environment."

 

Quick facts: Power Metal Resources

Price: £0.01

Market: AIM
Market Cap: £1.86 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Power Metal Resources named herein, including the promotion by the Company of Power Metal Resources in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Glencore mine shutdown could prompt a near-term price hike in Cobalt

Mining Capital's Alastair Ford says the closure of Glencore’s Mutanda mine in the DRC comes in response to the collapse in the cobalt price over the last year or so. ''The price went very high in 2017 and then came back down and now it's at the $15/lb level which is where it started its rise...

on 16/8/19

2 min read