Power Metal Resources PLC said Monday that it has found near surface gold mineralization after completing the drill program at the Tati project in Botswana.
The London-listed mining company said it has completed a drill program on-budget, successfully confirming prospective geological formations. It said the results were very encouraging and that it can now push forward with the exploration of Tati at pace.
The company said it found near surface gold, including a three meter strike of up to 5.17 grams of gold per metric ton.
Power Metal also said that after completing an analysis of the broader Tati Greenstone Belt surrounding the project, it identified a 1,614-hectare area adjacent to its license which is part of a larger gold zone, and it has submitted a new license application to cover all of the identified zones.
Shares at 0708 GMT were up 0.25 pence, or 2.5% at 10.38 pence.