Power Metal Resources PLC (LON: POW) the AIM listed metals exploration and development company is pleased to announce that the Company has now completed the earn-in to a 40% direct project interest in the Kalahari Key Mineral Exploration Pty Ltd ('Kalahari Key' or 'KKME') Molopo Farms Complex Project (the 'Project' or 'MFC Project').
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented: 'In a journey that began with our original agreement with Kalahari Key in May 2019, the MFC Project has moved forward dramatically.
On 8 April 2021 we announced significant nickel intersections from diamond drill programme assays and we currently await receipt and interpretation of further assay results, mineralogical testing outcomes and an array of further data from additional geophysical interpretations.
We are seeking a World Class nickel discovery and the findings so far have been extremely positive. It is therefore with some excitement that we announce completion of our US$500,000 earn-in.
Work continues at pace locally in Botswana and in the testing of samples in South Africa. In this regard I look forward to providing further updates to the market.'
Earn-in Background Information
The MFC Project is targeting prospective magmatic intrusion-hosted massive nickel sulphide and platinum-group element ('PGE') mineralisation in Botswana.
Pursuant to an agreement announced by the Company on 13 May 2019, Power Metal had the right to earn-in to a 40% direct project interest in the MFC Project by expending US$500,000 on exploration expenditure, notably drilling of key targets at the Project.
Cash payments against this earn-in commenced in October 2020 and the Company can now confirm that it has fully satisfied the US$500,000 expenditure commitment and written confirmation of this has been received from Kalahari Key.
As a result, Power Metal has secured a 40% direct interest in the MFC Project. In addition, the Company holds 18% of the issued share capital of Kalahari Key. Taken together the combined effective economic interest of Power Metal in the MFC Project is 50.8%.
Contact:
Paul Johnson
Tel: +44 (0) 7766 465 617
Notes to Editors
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
POWER METAL RESOURCES PLC 
