Business
Option to Acquire New Copper-Cobalt Interest
Option to Acquire New Copper-Cobalt Interest.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6289H Power Metal Resources PLC 01 August 2019 \n\n01 August 2019\nPower Metal Resources plc (\"POW\" or the \"Company\")\nOption to Acquire New Copper-Cobalt Interest\nPower Metal Resources plc (LON:POW) the AIM listed African focused metals exploration and development company announces it has secured an option to acquire a 70% interest in PR 13479, (\"Permis de Recherches\") a license prospective for cobalt and copper to the north and east of the Tondo cobalt-copper mine (the \"N Tondo copper-cobalt License\" or the \"License\") in the Democratic Republic of the Congo (\"DRC\"). \nPaul Johnson, Executive Director of Power Metal Resources plc commented: \"This License is in a highly prospective area for copper-cobalt, near an existing mine, and is primarily a cobalt target. \nWe are fortunate to have secured this option at an early stage when the presence of anomalous cobalt has already been proven. However, the shallow depth at which soil sampling has been carried out means the results derive from material where the mineralisation may have been reduced by weathering.\nIf we test deeper in the regolith, we may get results of higher tenor that show more of the potential of the License. Initially we propose to do this by termite mound sampling across the license.\nThat may be followed by a small number of pit excavations to take us down to the bedrock, which we expect to encounter at about a depth of 10m.\nGiven the location of the License, and the results so far, this is a very exciting project where our objective is to prove up a shallow, open-pittable and high-grade resource.\" \nLicense Highlights:\n· The N Tondo copper-cobalt License is close to the producing Tondo Cobalt mine in similar geology in the undifferentiated Roan breccia; \n \n· This is a known Cobalt-prospective area that is attracting increased exploration attention; \n \n· Soil sampling shows presence within License of anomalous cobalt at 500-750 parts per million (\"ppm\") and occurrences within License are on trend from nearby occurrences of R2 rocks;\n \n· POW now intends to undertake a termite mound sampling programme across the License to test mineralization at greater depth than the 27-30cm soil sampling depth;\n \n· &nbs...