Business
Strategic Option Agreement - Pilot Mountain Nevada
Strategic Option Agreement - Pilot Mountain Nevada.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2315K\n Power Metal Resources PLC\n 31 August 2021\n \n \n \n 31 August 2021\n Power Metal Resources PLC\n (\"Power Metal\" or the \"Company\")\n Strategic Option Agreement - Pilot Mountain Project Nevada USA\n Power Metal and Wholly Owned Subsidiary Golden Metal Resources Ltd Signs Option Agreement to Acquire Pilot Mountain Project in Nevada, USA\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 that the Company and its wholly owned subsidiary Golden Metal Resources Ltd (\"Golden Metal\") have signed a Strategic Option Agreement (the \"Agreement\") allowing Golden Metal to acquire a 100% interest in the Pilot Mountain Project (\"Pilot Mountain\" or the \"Project\"), in Nevada, United States of America (\"USA\"), subject to completion of detailed due diligence.\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Project:\n \n \n \n \n \n · \n The Pilot Mountain Tungsten-Copper-Silver-Zinc Project is located approximately 200km southeast of Reno, in Nevada, USA\n \n \n \n \n \n · \n Pilot Mountain hosts a JORC (2012)1 compliant Mineral Resource Estimate of 12.53Mt @ 0.27% WO3 for 34.3kt of contained tungsten metal plus significant silver, copper and zinc. \n \n \n \n \n \n · \n The Project has undertaken metallurgical testwork and a 2018 Scoping Study for a conceptual open pit mining operation with an 8-year mine life.\n \n \n \n · There is a clear pathway for upgrading and supplementing the scoping study work, addressing the permitting requirements and advancing the Project towards a mining Feasibility Study.\n \n \n · Pilot Mountain has significant upside exploration potential.\n \n The Option:\n \n · \n Power Metal and its wholly owned subsidiary Golden Metal have secured an option (the \"Option\") to acquire a 100% interest in the Pilot Mountain Project.\n \n \n \n \n \n · \n 60 day Option Period to undertake detailed Project due diligence and during which it may exercise the Option.\n \n \n \n \n \n Option Exercise:\n \n \n \n \n \n · \n Upon Option exercise, Golden Metal will acquire a 100% interest in Pilot Mountain (the \"Acquisition\"), the consideration for which will be paid by Power Metal, as outl...