Power Metal Resources have expanded its Australian subsidiary’s holdings with the granting of the 999-square-kilometre Wilan project in South Australia’s Anna Creek.
Wilan comes ready with a large iron oxide-copper-gold target, a four by six kilometre magnetic and gravity geophysical anomaly in an area never tested by drilling.
And it lies around 150 kilometres north of BHP’s Olympic Dam Mine — the largest known IOCG deposit which holds both the fourth largest copper deposit and largest known single uranium deposit in the world.
Olympic Dam was discovered through drilling of a blind coincidental magnetic and gravity anomaly in the very same Gawler Craton as Wilan.
Location of the Wilan project and the new IOCG target.
The company said it was resolutely focused on an imminent drill campaign over its Molopo Farms Complex in Botswana and keeping up momentum.
“The grant of the first Wilan Project exploration licence represents a potentially significant milestone, as ongoing desktop work has identified a large target located wholly within the newly granted licence,” chief executive Paul Johnson said.
“There is more work to do, clearly, and we are early stage here, however, all projects of substance start early stage and the Wilan Project is off to a great start.”
Power Metal is moving on expedited exploration, with plans for high-resolution gravity and magnetic surveys over Wilan while another licence application for a contiguous 995 square kilometres moves forward.
POW’s London Stock Exchange-listed share price is trading at 1.4 British pence (2.13 pm UTC+ 8 hours).