Power Metal Resources PLCsaid it has renewed the key prospecting licences at the Molopo Farms Complex project in southwestern Botswana.
The junior holds a 40% direct project interest in the MFC Project and a 20.65% shareholding in Kalahari Key Mineral Exploration (KKME), which holds the remaining 60% interest.
Kavango Resources currently has an option to acquire up to 85.2% of KKME including Power Metal's shareholding.
Paul Johnson, Power Metal’s CEO, said: "The renewal of PL310/2016 and PL311/2016 represents an important milestone for the Project, providing a further 2 years for ongoing exploration following the initial successful drilling campaign completed early in 2021.
“That campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6) including individual assay results up to 1.7% Ni and 0.55g/t Pt, representing the highest nickel grade achieved from the Molopo Farms Complex to date.
“Kavango Resources are continuing their option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks."