Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the “Project”) located in the prolific Paterson region of Western Australia where the Company is targeting major gold-copper discoveries.
HIGHLIGHTS:
– Power Metal now confirms that the final licence application at the Wallal project E45/5853 (Wallal West 1) has now been granted. The granted licences are:
E45/5853 – Wallal West 1
E45/5816 – Wallal Main
E45/5880 – Wallal West 2
– The Wallal West 1 licence fully encompasses the Western magnetic anomaly, which measures 5km by 5km, and is cross-cut by a northwest-southeast trending inversely magnetised dyke.
– The granting of Wallal West 1 means that the entire Wallal Project land package has successfully been granted, which covers the Western, Eastern and Border anomalies.
– The Company now turns its focus to advancing exploration on the fully granted Project, progressing it to a drill-ready stage – which includes the Phase I passive seismic and 2D seismic reprocessing work programme currently underway with results expected shortly.
– In addition, with the successful award of AU$165,000 in co-funding monies from the Western Australia government for a drilling programme targetting the Eastern and Border anomalies, the initial administrative preparations have begun for the planned 2022 Q1 drilling campaign.
– Power Metal is progressing with the acquisition of the holding vehicle of the Wallal Project as outlined in the “Background” section below. A further announcement will be made in this regard shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“With the grant of the final licence announced today, this exciting project takes another great leap forward. This news means Power Metal shareholders now have exposure to the complete Wallal Project as a granted package.
In our view the Wallal Project is a major strategic gold-copper exploration opportunity with the potential to host the large scale discoveries Power Metal is seeking within its portfolio.
Our Exploration Update on 13.09.21 outlined the important geological and geophysical similarities of the Wallal Project to Greatland Gold’s Havieron project, within the Paterson region.
Therefore we are to now turning our full attention towards advancing exploration and specifically towards the initial preparations for a deep-drilling campaign which is planned for early 2022. This will represent the first drill programme ever completed targeting these substantial geophysical anomalies.”
BACKGROUND
The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 – E45/5880, all granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).
On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:
On 30 September 2021 Power Metal announced the granting of the Wallal Main and Wallal West 2 licences and this may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/fdr-australia-grant-of-wallal-licences/15156169
The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |