Australia Gold JV - Significant Expansion

RNS Number : 8296L

Power Metal Resources PLC

04 May 2020

 

4 May 2020

Power Metal Resources plc ("POW" or the "Company")

Australia Gold Joint Venture - Significant Expansion

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update from its Australian gold joint venture ("JV") company Red Rock Australasia Pty Ltd ("RRAL") in which POW has a 49.9% interest.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

"Our strategic move into Australian gold exploration is building momentum very rapidly and with the focus on the Victoria Goldfields we are targeting one of the gold districts most sought after by exploration companies.

The announcement today of further license applications increasing the JV's application footprint to over 700 sq km is a major step forward and we continue to apply considerable effort to develop this JV opportunity.

The historic data we have examined so far clearly demonstrates extensive evidence of gold mineralisation across the license applications and presents POW, through RRAL the JV company, a unique and exciting opportunity to undertake proactive and targeted exploration."

HIGHLIGHTS:

· In addition to the license application EL 007271 announced recently, RRAL has now lodged applications for EL 007281, EL 007282 and EL007285, three new gold exploration license areas covering an additional 581 sq km in the Victoria Goldfields of Australia;

· In total the JV license application areas of RRAL in Victoria now cover 714 sq km which represents one of the largest license footprints in the Ballarat goldbelt;

· All license application areas have extensive evidence of gold mineralisation and in most cases recorded production from historic alluvial workings, leads, shafts or drilling, with certain workings extending to a depth of 100m, or greater;

· Analysis of historical exploration data, which is detailed and extensive, is continuing and further updates will be provided in due course.

ONLINE MAP

Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/s/52/australia

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)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel. 

 

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