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Licence Grant Australia - Potential IOCG Target
Licence Grant Australia - Potential IOCG Target.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 1 September 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Licence Grant South Australia - Potential IOCG Target identified\n \n \n \n Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its wholly owned Australian subsidiary Power Metal Resources Australia Pty Ltd (\"POW Australia\").\n \n \n \n \n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n Licence Grant\n \n \n \n §\n POW Australia has received confirmation of the grant of exploration licence application (\"ELA\") 2021-000163, covering 999km2 of ground in the Anna Creek area of South Australia.\n \n \n \n \n \n §\n The ELA has now converted to an exploration licence numbered EL6819 and carries an initial term of 6 years ending 24 August 2028, subject to a minimum exploration spend of A$100,000 (Circa £59,000) prior to 23 August 2024.\n \n \n \n \n \n §\n Recognising the grant of EL6819, the property has been named the Wilan Project (\"Wilan\" or the \"Project\").\n \n \n \n Potential IOCG Target Identified\n \n \n \n §\n A desktop technical review completed over EL6819 has identified an under-cover, approximately 4x6km coincident magnetic and gravity geophysical anomaly (the \"Target\") located in the southeast of the Project.\n \n \n \n \n \n §\n The existence of a coincident magnetic/gravity anomaly is considered highly significant given the location of the licence within the Gawler Craton1, which constitutes a major Iron Oxide-Copper-Gold (\"IOCG\") deposit province. IOCG deposits consist of important and highly valuable concentrations of copper, gold and uranium mineralisation2, the most famous example in the Gawler Craton is the Olympic Dam Mine3 (\"Olympic Dam\"). Most IOCG deposits were initially discovered through regional magnetic and gravity geophysics targeting.\n \n \n \n \n \n §\n Based on geophysics interpretation the Target is hosted within cratonic basement below 200-300m of younger cover sediments - this part of the Project has never been drill tested.\n \n \n \n \n \n §\n Olympic Dam is located approximately 150km south of the Property and owned and operated by BHP Group Limited and is the largest known IOCG deposit in the wo...