Power Metal Resources plc and option holder Tuscan Holding Pty have progressed the Tati gold project, containing the historical Cherished Hope mine, on the Tati Greenstone Belt near Francistown in Botswana.
MINING
The project comprises three licences of which one, PL049/2022, is under the option. If Tuscon exercises the option, Power Metal will retain a 25% interest, free carried to production.
Since signing the option agreement in June 2024, the companies have received approval for an environmental management plan for the project.
Power Metal today said that negotiations over access to the site, particularly Cherished Hope, had taken longer than expected, but were now “well advanced and nearing finalisation”.
Once talks have concluded, exploration will include rotary air blast drilling, to a depth of 60 metres for a total 600m, to define the geometry and continuity of gold mineralisation at the mine.
Other work will involve gathering drone imagery across Tati to feed into environmental baseline studies, modelling and the preliminary design of mining infrastructure.
Subject to the results, Power Metal might apply for a permit to begin small-scale mining of some 50 tonnes per day before moving to gold production.
Under the terms of the option, Tuscan will manage and fund the planned work. Site visits are expected to begin in the coming weeks, followed by the start of drilling during March or April.