London-listed Power Metal Resources has released an update of the company’s Australian copper and gold acquisition, offering an optimistic outlook for the company’s recently acquired portfolio of gold and copper targets in Western Australia’s eastern Pilbara region.
In April, the company set the ball-rolling towards clinching a controlling stake in First Development Resources Pty Ltd (FDR Australia) and the privately-owned company’s highly prospective Wallal, Ripon Hills and Braeside West projects located in the Pilbara’s exciting Paterson province about two hours drive from Newman.
Power Metal is bullish about the geological potential of the projects, specifically the bullseye magnetic targets within the Wallal Project, after weighing up the Wallal Eastern Magnetic Anomaly against the exciting discoveries at Greatland Gold’s nearby gold and copper deposit.
The company said an open-file publicly available airborne magnetic dataset identified two highly prospective bullseye magnetic targets within Wallal.
The Western Anomaly is over 5.5 kilometres in diameter, and the Eastern Anomaly is 2.5 kilometres in diameter and is located at the transect of two northwest-southeast trending magnetic linear anomalies (comprising possible major structures).
“Greatland Gold’s Havieron deposit is coincident with a magnetic bullseye anomaly which was detected by an airborne magnetic survey flown over the region.
“The Havieron and Wallal anomalies have similar amplitude: approximately 80nT (nanoTesla) for Havieron and 100nT for the Wallal Eastern Anomaly. The Wallal Eastern Anomaly is slightly larger than the anomaly over the Havieron deposit.
“Direct comparisons between Wallal and Havieron (geophysical)/Winu (geological), bode well for prospectivity of the Eastern Magnetic Anomaly bullseye.”
Power Metal said additional geophysical inversions are ongoing and various geophysical datasets are being acquired to better determine orientation and depth of geophysical targets before drilling.