Power Metal Resources plc (LON: POW) the AIM-listed metals exploration and development company is pleased to provide a Business Operational Update (the “Update”) to shareholders, outlining the current status of operations across the Company’s six existing projects and two projects under due diligence.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal is an operationally diversified business with precious metal interests in North America and base metal interests in Africa. The Company has multiple live exploration programmes running and significant corporate activity underway.
The summary below outlines where we are across each project, and the anticipated next steps or developments which, where material, will be notified to shareholders through regulatory news announcements.
Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery.”
· Two significant drill programmes impending, in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the Company to plan to commence drilling in 2020
· Significant advancement made in the Australia JV, with 2,188 km2 of ground under application in the Victoria Goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review;
· Due diligence ground exploration programme underway at the Silver Peak project in Canada, where channel sampling for silver is the key focus and where exploration results are expected shortly and within the 30-day option period announced 17 August 2020;
· Reconnaissance survey completed successfully at the Alamo gold project in Arizona, USA reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property. The findings have been received in a project report and are being reviewed currently. A market update will follow including next stage exploration plans;
· Power Metal remains in a strong financial position with working capital comprising cash and listed investments of circa £1.6 million;
· Further specific updates will be provided for each project as material developments occur.
Power Metal provides the following overview of its six main projects and two projects under due diligence.
Note: all exploration and corporate work is subject to COVID-19 restrictions which may impact work programmes and timescales. Power Metal and its partners are focused on the safety of operational teams and the conduct of programmes in line with local requirements in relation to COVID-19, and all applicable operational regulatory requirements.
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