Paul Johnson Chief Executive Officer of Power Metal Resources plc commented POW is making great progress in Africa across its power metal projects, and shareholders should expect further updates in the near term covering operational and corporate activities.
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the signing of an agreement in respect of the Alamo project in Arizona, USA.
· The Alamo project is a package of mining claims covering an area of approximately 340 acres and is situated in west-central Arizona (the “Alamo Project” or the “Project”). The Project was originally identified as prospective for gold following the discovery of native gold nuggets (the “Nuggets”) near surface in numerous locations within the Project boundaries.
· The geological environment supports further exploration to investigate the source of the nugget gold and the potential for a large mineralised gold system.
· In addition, the region in which the Project is situated is prospective for precious and base metals, with regional mines that have produced silver, lead, gold, zinc and copper.
· POW has signed an agreement providing an opportunity to acquire a Right to Earn In (“RTEI”) to a 60% interest in the Alamo Project, subject to due diligence.
· Vendors include Joe Carrabba, a former board director of Newmont Goldcorp and Murray Nye, the CEO of Winston Gold Corp, (together the “Vendors”) who on successful completion of project due diligence will join POW on a special advisory committee.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented “POW is making great progress in Africa across its power metal projects, and shareholders should expect further updates in the near term covering operational and corporate activities.
As a Company we have remained open to the review of new additional opportunities and stated we may move ahead with compelling projects, including new jurisdictions outside Africa and in new commodities.
We have conducted a comprehensive review of opportunities that will complement the Company’s mandate of securing interests that offer considerable upside potential through the implementation of disciplined programmes of exploration.
The Alamo Project provides access to a package of claims with notable native gold nugget finds at surface, and a geological backdrop that encourages us to search for the source of the Nuggets in the bedrock where, it is postulated, the potential for a large gold system exists.
The Project has a rich story and one in which we are excited to have the opportunity to play a part. We will provide further information to market as we proceed through the site visit and due diligence processes in the near term.
The Project opportunity appears compelling in itself and will be made more so with Joe Carrabba and Murray Nye working alongside us in an advisory capacity and adding to our confidence.”
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