FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Power Metal gain Graphite Ground

5 January 2023 11:12
LON: POW
Graphite

Power Metal Resources continues to build its critical mineral base, having added the 4,222-hectare Doerksen bay graphite project, located in mining-friendly Saskatchewan, Canada to its portfolio.

Located 230 kilometres from La Roche, Doerksen lies in between the Saskatchewan mineral deposit index graphite occurrences including the Ben, Bear Bones and Brabant Lake showings which have returned multiple grab samples of graphite-bearing gneisses with grades up to 45 per cent carbon.

A modern airborne survey flown over the project revealed numerous untested electromagnetic conductors which may be associated with undiscovered high-grade graphite-bearing gneiss units, forming the main target of exploration at Doerksen this year.

Key to new-age battery technology, graphite flakes are currently trading near historic highs with a tight supply set to underpin the market over the coming months. Exposure to the graphite market through Doerksen offers Power another avenue into the burgeoning critical mineral industry, alongside its lithium and nickel holdings.

Following the acquisition, POW also announced the formation of ION resources, a UK-based subsidiary that will hold both Doerksen Bay and its two complimentary Authier North/Duval East and North Wind lithium projects.

The company expressed enthusiasm over the acquisition, enabling it to create critical mass in specialist battery commodities.

“The acquisition of Doerksen Bay brings a potential high-grade graphite opportunity into the Power Metal portfolio,” Chief Executive Paul Johnson said.

“We are continuing our desktop research for the Project with a view to designing ground exploration to test the extremely high-grade graphite occurrences reported from the Project as soon as weather conditions and team availability allows.”

POW’s London Stock Exchange-listed share price was trading at 1.43 British pence today (9:22 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This