Power Metal Resources PLC - metal exploration and development company - Says it has exercised its option to acquire the Coco East Property on the Schreiber-Hemlo Greenstone Belt in north-western Ontario, Canada. Notes Coco East is the second of four gold exploration properties upon which the company has an exclusive option to acquire and adds it is continuing due diligence for the remaining two.
"Exercising the option over the Coco East Property further strengthens Power Metals' landholding in Ontario. It is sited upon the eastern end of the Big Duck Lake Porphyry intrusive which is associated with over twenty known gold and/or base metal occurrences including significant gold intersections which were drilled in a neighbouring property during 2017. The property is also directly east of Superior Lake Resources' Pick Lake/Winston Lake Zinc Project which is currently advancing towards a high grade zinc mine restart," says Chief Executive Paul Johnson.
Current stock price: 2.50 pence
Year-to-date change: down 9.1%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Power Metal (POW)