Power Metal Completes Paterson Region Acquisitions and All Exploration Licences Now Granted with Braeside West Licence Grant Confirmed Today
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its interests in the Paterson Region of Western Australia (the “Paterson Interests”).
The Paterson Interests are held by First Development Resources Limited (“FDR”) which now has a 100% interest in local Australian operating company First Development Resources Pty Limited (“FDR Australia”). FDR Australia’s licence interests are outlined below.
Power Metal has an effective interest of 83.33% in FDR, with a 16.67% effective interest held by the shareholders of URE Metals Pty Limited (“URE”) which was acquired outright by FDR in an all share purchase announced on 19 November 2021. Further details of the acquisition of URE and its uranium and rare earths interests may be viewed in the Company’s announcement:
– Completion of the 100% acquisition of FDR Australia, the Australian operating company with the Paterson Region interests.
– Braeside West Licence application (E45/5854), covering 137km2 of strategic ground neighbouring Rumble Resources, now granted.
– Heritage Agreements with Native Title Holders signed across Paterson Region properties.
– Planning for deep drill programmes progressing well at the Wallal Project focused on magnetic bullseye targets.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We now hold granted licences across all Paterson Region properties and have fully completed the acquisition of the local operating company. Combined, the five granted licences represent a significant opportunity for a major discovery.
Our technical work continues in parallel to define drill targets including those within the Wallal triple licence package where we are investigating drill targets with interpreted geological and geophysical similarities to the Paterson Havieron discovery.
The aim of our work is to expedite the route to drilling of key targets, and further information with regard to our plans will be released in the near term.”
PATERSON REGION PROJECTS – BACKGROUND
FDR Australia holds the following exploration licence interests:
Wallal Project (Wallal Main-E45/5816 – 390km2 – granted), (Wallal West 1-E45/5853 96km2 – granted) and (Wallal West 2 – E45/5880 86km2 – granted).
A comprehensive desktop study completed by the Company over the Wallal Project identified three prospective magnetic bullseye targets. These include the Western, Eastern and Border anomalies which, based on geophysical interpretation, have estimated dimensions of 5km x 5km, 2.5km x 2.5km and 1km x 1km respectively.
Further analysis has determined that the Eastern and Border anomalies are located at depths similar to Greatland Gold’s Havieron discovery. Greatland Gold’s Havieron was discovered by blind drilling a magetic bullseye anomaly through circa. 420m of post-mineral sedimentary cover.
The latest exploration update focused on the Wallal Project and released by the Company on 13 September 2021 may be viewed through the following link:
Braeside West Project (E45/5854 – 137km2 – one granted licence)
In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources has enhancesd the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 – 42km2 – one granted licence).
The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic expooration data is currently underway over the Project.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
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