6th Aug 2021 14:24
Power Metal Resources PLC - metal exploration and development in Africa - Investee Katoro Gold PLC has completed planning for its diamond drilling project in Haneti, Tanzania. The diamond drilling project was announced in April, with the objective to intersect the TDEM and magnetic geophysics anomalies. The planning process involved the careful consideration of exploration results to date to ensure accurate hole positioning and required extensive technical consultation.
"Haneti is one of a number of drill programmes planned within our African portfolio including projects in Botswana, the DRC and Tanzania. We are targeting major metal discoveries across each project drill programme," says Power Metal Chief Executive Paul Johnson.
Katoro itself says Friday that the funding process for its Blyvoor gold project joint-venture in South Africa has come to an "abrupt standstill" amid civil unrest in Kwazulu-Natal and Gauteng provinces. Investors and lenders, who made initial funding proposals, need time to reassess whether unrest and country risk impacts plans.
Power Metal stock price: 2.05 pence, down 4.5% on Friday
Year-to-date change: down 25%
By Amrit Sahota; [email protected]
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