#POW Power Metal Resources – Kalahari Key Botswana – Kavango Update

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, notes the announcement made today by Kavango Resources plc (“Kavango”) with regard to its proposed acquisition of the majority of Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key”). 

An extract from the Kavango announcement is provided below:

“Further to the announcement on 02 March 2022, Kavango Resources plc (LSE:KAV) announces it proposes to make an offer to acquire 100 per cent of the issued share capital of Kalahari Key Mineral Exploration Proprietary Ltd (“KKME”) (the “Provisional Offer”).

KKME has a 60% effective economic interest in the Molopo Farms Nickel Exploration Project, Botswana.

The Provisional Offer will replace the proposed deal terms outlined in the Work Programme Option announcement (announced 26 November 2021).

Subject to the Provisional Offer being accepted by the holders of at least 90 per cent of the shares in KKME, Kavango will publish a detailed exploration plan on Molopo Farms, potentially including immediate diamond core drilling.

Further announcements will be made in due course.”

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“As previously stated Power Metal is supportive of Kavango’s interest in Kalahari Key and remains so today.  The Molopo Farms Complex Project has been notably successful, with nickel discovered in the first drill programme and it is time to get on with the job of exploration to take this project forward.

To be clear, whilst selling Power Metal’s shares in Kalahari Key should the above offer proceed, Power Metal would retain its separate 40% interest in the Molopo Farms Complex Project.”