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African Battery Metals acquires interest in nickel and PGM project in Botswana

Mining News - Published on Wed, 15 May 2019

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Proactive Investors reported that African Battery Metals PLC has acquired an 18.26% stake in Kalahari Key Mineral Exploration Ltd. Kalahari Key owns the Molopo Farms Complex project in south-west Botswana, known to be highly prospective for nickel and platinum group metals. The total consideration is USD 194,810, to be settled out of existing cash resources.

In addition, ABM may elect to earn-in to a 40% direct project interest in the MFC roject by expending USD 500,000 by 31 December 2020 on ground exploration, expected to include drilling of high priority targets.

Upon completion of the earn-in expenditure requirement, ABM will hold a total economic interest of 50.96% in the MFC project through its 18.26% shareholding in Kalahari Key and 40% direct interest in the MFC project. The MFC Project comprises three exploration licences, covering 2,725 square kilometres which are believed to be prospective for nickel, PGM and copper mineralisation.

Kalahari Key has recently undertaken a high-resolution, helicopter-borne electromagnetic and magnetic survey, which identified 17 key zones where the conductivity of the rocks is of interest.

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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