Power Metal Resources PLC (LON:POW) said significant nickel intersections were hit by KKME 1-6, the first hole of a drilling programme at Molopo Farms in Botswana.
Assay results showed five intersections including 16.7m at 0.16% Ni from 501.8m down and 4.1m at 0.49% Ni from 309m.
Paul Johnson, Power Metal’s chief executive, said he was delighted the assays had confirmed significant nickel intersections.
“As only select intervals of drill core were sent for laboratory assay all five of the significant drill intersections can be considered open until the intervening samples are analysed.
“The nickel mineralisation encountered in this drill hole includes sections at grades that have been found to be economic in similar geologies and given the scale of the inferred feeder zone being investigated there is a good prospect of further positive results as exploration continues.”
A full assessment of hole KKME 1-6 will be made once all of the mineralogical and chemical analyses have been received, Power Metal added.