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Initial Exploration completed on Balthaga Project
Initial Exploration completed on Balthaga Project.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n\n1st July 2024\nPower Metal Resources PLC\n(\"Power Metal\" or the \"Company\")\nInitial Exploration programme completed on Balthaga Lithium Project in Saudi Arabia\nPower Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, is pleased to announce that an initial field exploration programme on the Balthaga Lithium Project, Saudi Arabia (\"Balthaga\") as per the agreement with RIWAQ Al-Mawarid for Mining (\"RIWAQ\"), the industrial and mining company based in Saudi Arabia and special purpose subsidiary of EV Metals Group plc (\"EVM\"), to earn a 30% ownership interest in 15 tenements, 13 of which comprise the Balthaga Project area (the \"Agreement\"), announcement dated 26 March 2024, has been successfully completed.\nThe Balthaga project located 450km east of Jeddah in the South-East of the Arabian Shield area consists of 13 contiguous exploration licenses granted in succession over the last two years covering a total area of 1200km2, with the most recent granted only a couple of months ago. A further two licenses comprise the total Agreement area however these are in different locations and focus on different commodities. The project area being targeted is prospective for lithium, a key commodity for RIWAQ and EVM's larger strategy. The focus on the project area was, and continues to, be on lithium and any associated minerals including Rare Earth Elements ('REE').\n\nFigure 1: Typical terrain at Balthaga Project, Saudi Arabia, June 2024\n \n \nSean Wade, Chief Executive Officer of Power Metal, commented:\n\"Further to the comprehensive desktop review we conducted using all available historic data covering the Balthaga Project area, over 40 initial targets were identified as priority targets to visit. Eager to progress the exploration programme, we therefore decided to get a team in the field.\n\"The team covered the whole area of the 13 licenses and visited nearly every defined target. We are really pleased with the outcome of this initial field programme and to get the team on the ground giving them a much better understanding of the geology. I'm glad to report that the majority of the identified targets proved fruitful with some new targets also discovered.\n\"The team would have liked longer in the field to carry more detailed work, however the extrem...