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(Alliance News) - Power Metal Resources PLC on Thursday said it has secured an option to acquire a 70% interest in PR 13479, a license prospective for cobalt and copper to the north and east of the Tondo cobalt-copper mine in the Democratic Republic of the Congo.
The AIM-listed exploration and development company said soil sampling shows the presence within the license of anomalous cobalt.
Power Metal Resources said it now intends to undertake a termite mound sampling programme across the license to test mineralization at greater depth.
"We are fortunate to have secured this option at an early stage when the presence of anomalous cobalt has already been proven. However, the shallow depth at which soil sampling has been carried out means the results derive from material where the mineralisation may have been reduced by weathering," said Executive Director Paul Johnson.
"Given the location of the license, and the results so far, this is a very exciting project where our objective is to prove up a shallow, open-pittable and high-grade resource," added Johnson.
Power Metal Resources shares closed 8.6% higher in London on Thursday at 0.57 pence each.