The Africa-focused exploration firm said that the results from the programme, carried out by project owner Kalahari Key Mineral Exploration in which it owns an 18.26% stake, would now be interpreted and used to design a drill programme to test key targets.
Paul Johnson, Power Metal’s executive director, said that the results of the interpretation process were expected “later this month”.
In addition to its current shareholding, the company also has a right by 31 December 2019 to earn a 40% interest in the Molopo project by investing US$500,000 by the end of 2020.
If the firm decides to exercise the right, it will hold a 50.96% stake in the Molopo project.
In late-morning trading on Tuesday, Power Metal’s shares were steady at 0.5p.