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(Sharecast News) - Exploration company Power Metal Resources updated the market on the Wallal Project in the Paterson region of Western Australia on Friday, where it was targeting major gold-copper discoveries.
The AIM-traded firm confirmed that the final licence application at the project had now been granted, with the granted licences being E45/5853 at Wallal West 1, E45/5816 at Wallal Main, and E45/5880 at Wallal West 2.
It said the Wallal West 1 licence fully encompassed the Western magnetic anomaly, which measures five kilometres by five kilometres, and was cross-cut by a northwest-southeast trending inversely-magnetised dyke.
The granting of Wallal West 1 meant that the entire Wallal Project land package had been granted, covering the Western, Eastern and Border anomalies.
Power Metal said it was now turning its focus to advancing exploration on the fully granted project, progressing it to a drill-ready stage, including the first phase passive seismic and 2D seismic reprocessing work programme currently underway with results expected shortly.
In addition, with the successful award of AUD 0.17m in co-funding monies from the Western Australia government for a drilling programme targeting the Eastern and Border anomalies, the initial administrative preparations had started for the planned first quarter 2022 drilling campaign.
Power Metal said it was progressing with the acquisition of the holding vehicle of the Wallal Project, with a further announcement to be made in that regard shortly.
"With the grant of the final licence announced today, this exciting project takes another great leap forward," said chief executive officer Paul Johnson.
"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."
Johnson noted that, in the exploration update on 13 September, the company outlined the "important" geological and geophysical similarities of the Wallal project to Greatland Gold's Havieron project, both within the Paterson region.
"Therefore we are 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."
At 1537 BST, shares in Power Metal Resources were up 3.53% at 1.76p.
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