London-listed exploration company Power Metal Resources (LON: POW) saw its shares close lower on Friday following an exploration report on the Ditau Project in southwestern Botswana, which is pursuing Rare Earth Elements (REEs) and base metals.
The Ditau Project is a 50/50 Joint Venture with Kavango Resources, with Kavango acting as the operator. The Ditau project is held by Kanye Resources Pty Ltd, a Botswana joint venture company in which Power Metal and Kavango each have a 50% interest.
Kavango has extended the exploration scope of Ditau to cover base metals as well as REEs.
They have also accelerated drilling on the I10 target. Previous exploration by Kavango identified a 2.5km by 2.8km target area at I10. In addition, power Metal said spectral geophysics is to conduct a Time Domain Electromagnetic (TDEM) survey over I10.
The company has planned drilling of I10 for Q4 2021, along with a downhole electromagnetic survey.
Paul Johnson, CEO of Power Metal Resources, commented: “We believe the Ditau Project holds much potential and it is very good to see the next phase of work underway culminating in drilling of a key target planned for this year.
“The interest in REEs is growing worldwide and to be actively progressing Ditau could not be more timely.”
Power Metal Resources shares closed the day down 1.67%.
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