Power Metals Eye Golden IPO

20 April 2023 13:00

Power Metal Resources are preparing to add another golden jewel in its crown, having announced that its 83 per cent owned subsidiary Golden Metal Resources is now moving to list on the AIM, with admission expected in early May.

This is another instance of Power’s strategy to realise project value through spin-out listings, a proven strategy with Candian-focused spin-out First Class Metals winning IPO of the year from UK Investor magazine and Australian-based explorer First Development Resources also rapidly approaching listing.

Golden Metal Resource was established in 2021 with the aim of holding and developing Power’s exploration assets in Nevada, with Golden Metal holding four projects focusing on tungsten, gold, copper, silver and zinc.

Golden’s flagship Pilot Mountain Project covers over 14 square kilometres of Western Nevada’s Mineral Country and boasts a Mineral Resource Estimate of 12.53Mt @ 0.27% WO3 for 34.3kt contained tungsten metal with significant silver, copper and zinc credits.

Golden Metals planned exploration at pilot will target expansion of the current MRE established in 2017, as well as the development of copper-silver rich zones that were uncovered in the project’s most recent drilling campaign.

Alongside Pilot, Golden Metals will also ramp up exploration at Garfield, an early-stage copper, gold and silver property with initial rock sampling results up to 6% Cu, 3.5g/t Au and 124g/t Ag, and Stonewall, a gold-silver project centred on a 1.2km long open along strike quartz vein with rock chip grades up to up to 1.17g/t Au and 161g/t Ag.

The subsidiary will also have room to grow, after obtaining an earn-in option over the Golconda Summit, a Carlin-type gold property believed to be prospective for near-surface gold mineralisation and located within 40 kilometres of both the 13Moz @5.02g/t Au Turquoise Ridge Complex Mine and the 4.6Moz at 2.06g/t Au Lone Tree Complex.

Power Metal Resources said it was very pleased to share that the IPO is progressing.

“Further information in respect of Power Metal’s interest in Golden Metal on admission to trading on AIM, the total IPO equity placing amount, market capitalisation and other important information is expected to be forthcoming in due course. POW will make further announcements as appropriate,” Chief Executive Sean Wade said.

POW’s London Stock Exchange-listed share price has risen 5.13 per cent today, currently selling at 1.03 pence (10:11 am UTC+ 8 hours).

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