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Power Metal Resources add heft to its golden footprint

7 July 2022
LON: POW
Jack Baker

Power Metal Resources are all set to acquire the historic high-grade Berringa gold mine into its New Ballarat Gold joint venture with Red Rock Resources, focused on the vast potential of Australia’s Victorian Goldfields.

The JV is now the holder of two reclaimed mines in the region believed to hold significant untapped resources.

Berringa once produced over 290 thousand ounces of gold at an average of 8.3 grams per tonne and was built on an 1832 square kilometre footprint — including the Ajax mine, which produced even higher quantities at the enviable grade of 14.8 g/t.

Map of Berringa

The company said it was in discussions for nearby processing, which would dramatically reduce build-out time and the heavy capital requirements for a standalone facility.

“This acquisition brings into our Victoria Goldfields JV a second former high-grade gold mine, where there exists significant underexplored exploration potential below historical workings where minimal drilling has been completed to date,” Power Metals chief executive Paul Johnson said.

The London-based company expect further information on the following stage developments shortly.

POW’s London Stock Exchange-listed share price has risen 8.82 per cent today, selling at 0.92 British pence (9.50 am UTC+ 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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