Last checked at 2 Jul 2020 08:36
2 July 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Alamo Gold Project Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update in respect of the Alamo gold project in Arizona, USA (the "Project").
We refer shareholders to the Company's previous announcement on 21 April 2020 where the Company provided an update on progress at the Project. This announcement may be viewed through the following link:
https://www.powermetalresources.com/n/n192/arizona-usa-alamo-gold-project-update
The above update confirmed that following a successful site visit in January 2020 the Company's local partner had completed the staking of additional claims to significantly expand the Project footprint. In addition, that the additional claim areas were being registered with the County and Bureau of Land Management.
The registration of the additional claims has now been undertaken and the footprint of the Project now covers the area potentially containing a proximal bedrock gold source for the gold nugget mineralisation identified near surface (historically circa 60 ounces of gold nuggets at surface having been found in the original project area).
On 21 April 2020 the Company also announced that the Project due diligence period had been extended to 30 June 2020 with the agreement of all parties, with no extension fees payable, reflecting the disruption to normal activity due to lockdowns in respect of Covid-19. That period has now expired however the Company remains in discussions with a view to concluding its due diligence and related contractual agreements.
A further update will be provided to the market on successful completion of discussions in respect of the Alamo gold project.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: "I am eager to conclude our discussions in respect of the Alamo gold project however my primary duty is to take care of Power Metal shareholder interests by completing our work fully.
I would like to thank our local partners for their support with our work and would confirm that if we are able to conclude our review and discussions successfully shareholders will be updated accordingly."
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc | |
Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
SP Angel Corporate Finance (Nomad and Joint Broker) | |
Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) | |
Nick Emerson | +44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) | |
David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale discovery of precious or base metals.
The Company has a portfolio including key interests in Australia, Botswana, Cameroon, The DRC and Tanzania. The interests represent large scale exploration projects targeting mainly cobalt, copper, gold, nickel and platinum group metals. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive metals exploration.