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Alamo Gold Project - Exploration Commences
Alamo Gold Project - Exploration Commences.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 1037V\n Power Metal Resources PLC\n 04 August 2020\n \n \n \n \n 4 August 2020\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\")\n \n \n Alamo Gold Project - Arizona USA - Exploration Commences\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to\n announce that exploration work has now commenced at the Alamo Gold Project (the \"Project\") in west-central Arizona, USA.\n \n \n HIGHLIGHTS:\n \n \n \n \n \n B\n ackground\n \n \n \n \n The launch follows the successful completion of an agreement to acquire an option (the \"Option\") to earn-in up to a 75% interest in the Project which was announced to the market on 22 July 2020. This announcement may be viewed here:\n \n \n https://www.powermetalresources.com/n/n221/alamo-gold-project-arizona-usa-agreement-signed\n \n \n \n \n \n \n Project\n \n \n \n \n The Alamo gold project is a package of mining claims covering an area of approximately 766 acres and is situated in west-central Arizona, USA. The Project was originally identified as prospective for gold following the discovery of native gold nuggets (the \"Nuggets\") near surface in numerous locations within the Project boundaries.\n \n \n \n \n \n \n \n Exploration Objective\n \n \n \n \n Investigate the source of the nugget gold mineralisation and the potential for a large mineralised gold system.\n \n \n \n \n \n \n Initial Work\n \n \n \n \n \n \n The Exploration team has engaged including two geologists and a local prospector to undertake a reconnaissance survey (the \"Survey\") of the Project footprint. The Survey is underway and will be completed shortly.\n \n The Survey focus was to review the key areas where the bulk of the gold Nuggets were found in alluvium.\n \n The reconnaissance work undertaken to date has identified further gold Nuggets near surface in the original area examined during the Power Metal site trip in January 2020 and also in an area 1,500 feet west-north-west. All gold was found in the \"rotten\" Precambrian Signal granite, parallel to the diabase dikes.\n \n In addition, the reconnaissance team are reviewing the Nuggets previously found on the property to build a picture of Nugget composition and distribution, which will further assist follow on exp...