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London’s Power Metal gets upside at Nevada mountain project

1 September 2021
LON: POW
Rueben Hale

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).

COMPANY OVERVIEW

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery. The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects. The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

COMPANY INFORMATION

LON: POW

Website

https://www.powermetalresources.com/
https://www.londonstockexchange.com/stock/POW/power-metal-resources-plc/company-page

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