Power Metal Resources has acquired significant exploration upside after securing the tungsten-rich Pilot Mountain project southeast of Reno in the US state of Nevada.
The London-listed explorer, seeking large-scale metal discoveries across its global project portfolio, has taken full-interest in the project estimated to contain more than 12 million tonnes of tungsten and significant copper, silver and zinc prospects through its US-based subsidiary Golden Metal Resources Ltd.
The company suggests historical work, including a scoping study completed in 2018, has demonstrated the potential viability of production from the Pilot Mountain deposit, further bolstered by metallurgical solid test results.
It plans to upgrade the site’s development with previous test work and scoping, conceiving an open-pit mining operation with an eight-year life, supplying a global tungsten market expected to grow by 8 per cent a year until at least 2025.
“We plan to list our wholly-owned subsidiary Golden Metal as soon as possible in the London capital markets,” chief executive Paul Johnson said.
“The Pilot Mountain project, subject to due diligence, will be an important strategic interest embedded within that listing and provide a significant increase to the value of the Golden Metal listing proposition.”
Power Metal is advancing the due diligence work ahead of accelerating listing the Gold Metal on the London Stock Exchange in due course.
The company’s LSE-listed shares have risen by 2.7 per cent today, trading at 1.90 British Pounds (9:30 am GMT+ 8 hours).