This weeks announcement on Power Metal Resources and Australian JV updated the markets with Andrew Bell stepping down from his active role as Chairman and director of Power Metal Resources PLC.
With the update in relation to its investee company Power Metal Resources PLC (“POW”) and its joint venture with POW, Red Rock Australasia Pty Ltd (“RRAL”) which is undertaking gold exploration at its granted licences in the Victoria Goldfields in Australia (the “Projects”).
We took the opportunity to speak with Andrew and ask him a few questions covering the latest news update from the company.
Mr Bell will continue to work with the Company in an advisory capacity for a minimum of 12 months.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“I would like to thank Andrew for his work as Chairman since February 2019 when together we joined the Board of the Company and commenced a process of high paced corporate reinvigoration.
We were able to bring Power Metal back to life and then build a global exploration company with interests across North America, Africa and Australia.
Andrew’s continuous work and willingness to engage with bold new opportunities has enabled Power Metal to assemble the portfolio of projects we have today.
One important project RRAL, our joint venture in the Victoria Goldfields, Australia, has 2,334km2 of ground footprint against which exploration licence applications have been submitted and of which 848km2 has been granted to date. RRAL has active exploration in the field and a number of drill targets for Q4 2021. This joint venture is preparing for a planned IPO in London under the name New Ballarat Gold Corporation PLC and needs the focussed attention that Andrew can provide.
I look forward to reporting on listing developments for New Ballarat, which I believe holds considerable potential value for Power Metal.
We now move forward to a new phase in Power Metal’s development and find ourselves at a notable value inflection point. Our portfolio covers exploration for nine metals and we currently have eleven exploration programmes underway or planned for the balance of 2021, including five drill programmes.”