Power Metal announces 'significant' expansion in Kalahari

Power Metal Resources announced a significant expansion of exploration ground on Monday, targeting district scale copper-silver discoveries, in the Kalahari Copper Belt of Botswana.

The AIM-traded firm said the acquisition of eight prospecting licences increased the strategic ground held by the South Ghanzi Project by 229% to 4,257 square kilometres, making one of the largest licence footprints in the Kalahari.

It said the acquisition was completed by the project's local operating company Kanye Resources, in which Power Metal and its joint venture partner Kavango Resources each have a 50% interest.

“With the exploration success Power Metal and Kavango have achieved to date at the South Ghanzi Project, this substantial expansion of our land position within the KCB is a major development for our company,” said chief executive officer Paul Johnson.

“Without question the KCB joint venture with Kavango is currently one of Power Metal's highest priorities and we have got to this point in short order through the exceptional work undertaken by the Kavango operational team.”

Johnson said the progress achieved in the Kalahari Copper Belt demonstrated the value the firm could generate with a focus on financial and managerial resources.

“We eagerly look forward to the planned drill programme at South Ghanzi, as well as inaugural and ongoing exploration results at our newly-expanded land package within the KCB.”

At 1217 BST, shares in Power Metal Resources were up 7.5% at 2.15p.