Business
Option Signed - Australia Copper-Gold Acquisition
Option Signed - Australia Copper-Gold Acquisition.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1794M\n Power Metal Resources PLC\n 19 January 2021\n \n \n \n \n 19 January 2021\n \n \n Power Metal Resources PLC\n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Option Signed - Australia Copper-Gold Acquisition\n \n \n Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce the Company has secured an exclusive 60-day option (the \"Option\") in respect of a potential new acquisition of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia (the \"Project\").\n \n \n The Paterson Province\n is considered highly prospective for gold-copper and base metal mineral systems and is currently of particular focus for resource companies with a significant level of exploration activity underway across the region. This level of interest follows recent high-profile copper and gold discoveries by Rio Tinto at their Winu property1 and by Greatland Gold plc (LON:GGP) with the Havieron discovery2. Notably, several major groups in search of Tier 1 deposits have entered into joint-venture / farm-in deals with junior explorers to expedite exploratory work. \n \n \n The area also has developed mine and processing infrastructure due to the presence of established mining operations, including Newcrest Mining's Telfer Mine3 and the X-Metals Nifty Copper Operation4 (planned as a mine restart).\n \n \n \n \n \n \n Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:\n \n \n \n \n \n \n \"Power Metal is keen to build its exposure to Australian base and precious metals exploration where there is, in our view, the potential for large scale metal discoveries in a secure and stable operating environment.\n \n \n Through our joint venture in the Victoria Goldfields, and subject to due diligence, through this acquisition, we will have operating interests in two of the major centres for exploration activity in Australia.\n \n \n The level of interest in the Paterson Province has been somewhat dramatic after the Winu and Havieron discoveries, much as the success of the Fosterville gold mine in the State of Victoria led to a surge in exploration activity in 2020.\n \n \n Power Metal is positioning itself to develop a diverse and expansive exploration bus...