Power Metal Resources PLC - London-based exploration company seeking large-scale metal discoveries in North America, Australia and Africa - Says on Monday it is awaiting licence grants at Wallal project, located in the Paterson region of Western Australia, following exploration of the area. Identifies geological and geophysical features at Wallal similar to two other deposits under development at the Paterson region, named Winu and Havieron. Winu and Havieron are gold-copper deposits. Company is reviewing data of Wallal exploration while waiting for licence grants, says Chief Executive Paul Johnson. "In our view there is increasing potential for a major metal discovery at the Wallal project, and as one would expect we are pushing ahead with some enthusiasm," Johnson adds.
In early September, identifies a "bullseye" geophysical anomaly at the First Development Resources Pty Ltd copper-gold projects in Australia and seeks to buy. A phase 1 work programme is being finalised. Power Metal plans to list a UK holding company for the assets.
Current stock price: closed down 4.3% at 1.92 pence on Monday
Year-to-date change: down 30%
By Josie O'Brien; josieobrien@alliancenews.com
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Power Metal (POW)