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London’s Power Metal bullseyes Paterson province targets

2 September 2021
LON: POW
Rueben Hale

London-listed Power Metal Resources has identified a massive additional target following a review of its copper-gold project interest in Western Australia’s rich Paterson province.

Following a conditional acquisition of First Development Resources and its five Paterson region projects in April, the company has identified an approximately one square kilometre magnetic anomaly, predominantly falling within FDR’s Wallal licence application area.

The latest discovery brings the total to three major anomalies now identified at the site, adding further momentum for the company closely following its acquisition of a potential 12 million-plus tonne tungsten project in the US, and its ambition to build a global portfolio of large-scale metal discoveries.

“Technical work has continued in the background as we await licence grants, and notably the grant of the Wallal licence, which will trigger completion of the conditional acquisition,” chief executive Paul Johnson said.

“The identification of a further geophysical anomaly is another material step forward as we continue our work to define drill targets in the highly prospective Paterson province.

“Deep targets under cover certainly represent high-risk exploration, but as we have seen with Greatland Gold’s discovery at their Havieron project, the Paterson offers great upside potential should a discovery be achieved.

“Work continues corporately and technically, and further updates will follow in the coming weeks.”

The company is currently finalising historic 2D-seismic lines and a passive seismic survey centred over the eastern and border anomalies.

It is also working with FDR, creating a new London Stock Exchange-listed company focused on continued exploration of the province.

Power Metal expects the granting of exploration approval in the coming weeks, triggering the completion of the conditional acquisition.

The company’s LSE-listed shares are trading at 1.95 British Pounds (10:00 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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