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Arizona USA - Alamo Project Update
Arizona USA - Alamo Project Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8175B Power Metal Resources PLC 04 February 2020 \n\n4 February 2020\nPower Metal Resources plc (\"POW\" or the \"Company\")\nArizona USA - Alamo Project Update\nPower Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce developments in respect of the Alamo project (the \"Project\") in Arizona, USA.\nReaders are advised to review the Company's announcement in respect of the Alamo Project dated 3 December 2019 and which can be viewed through the following link:\nhttps://www.powermetalresources.com/n/n169/arizona-usa-alamo-project-opportunity\nHIGHLIGHTS:\n· Initial due diligence in respect of the Project has been completed successfully, including a site visit by the POW Chairman, POW CEO and the Company's Competent Person. \n· Project shows evidence of possible epithermal mineralisation possibly related to a deep-seated porphyry intrusion. Evidence of intrusive dykes and structural conduits support the Project's prospectivity. \n· Presence of gold nuggets within the Project area was confirmed during the POW visit. Under POW oversight an approximate 3m2 test pit, up to 30cm deep, was excavated in an area of undisturbed vegetated ground coinciding with the perceived trend of intrusive dykes. Using a metal detector supplied by a local prospector, three small gold nuggets were recovered from the material excavated. \n· This sampling demonstrated the presence of coarse, near-surface gold while the topographical surface morphology supports a likely proximal hard-rock source for the gold. The findings also provide some support to reports that some 60 ounces of gold nuggets have been recovered within the Project area (the largest nugget reportedly weighing approximately 5 ounces). \n· Findings of the POW visit also indicate that the package of claims should be extended to include a sufficient buffer around the prospective area. \n· The vendors have waived the previous extension fees (comprising the issue of a further 2,911,387 new ordinary shares of 0.1 pence each (\"New Ordinary Shares\") to the vendors at a price of 0.4p per share (£11,646) for an additional 30 days added to the due diligence period)...