Power Metal Resources PLC Australia Joint Venture - Further Expansion (3224N)
May 19 2020 - 5:00AM
UK Regulatory
TIDMPOW
RNS Number : 3224N
Power Metal Resources PLC
19 May 2020
19 May 2020
Power Metal Resources plc ("POW" or the "Company")
Australia Gold Joint Venture - Further Expansion
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update from its Australian gold joint venture ("JV") company Red
Rock Australasia Pty Ltd ("RRAL") in which POW has a 49.9%
interest.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"After many months of background work and a recent acceleration
of effort POW shareholders now have exposure to a strategic gold JV
of substance, positioned in the heart of the Victoria
Goldfields.
With the new license applications announced today the JV has
achieved critical mass in Victoria with a broad spread of targets
through which it is looking to bring brownfields projects back into
production and the discovery of new mines.
I look forward to the coming weeks and months, when we will be
providing further information to the market outlining the
prospectivity of each project within the JV portfolio."
HIGHLIGHTS:
-- RRAL has now lodged applications for EL 007294 and EL007301,
two new gold exploration license areas covering an additional 215
sq km in the Victoria Goldfields of Australia;
-- In total the JV license application areas of RRAL in Victoria
now cover 919 sq km which gives it a significant presence in the
Goldfields area:
License Application Project Name Area (sq km)
Number
EL007271 Blue Whale 133
------------------------- ------------------------
EL007281 Blue Chip 74
------------------------- ------------------------
EL007282 Blue Sky 489
------------------------- ------------------------
EL007285 Blue Ribbon 8
------------------------- ------------------------
EL007294 Red Queen 130
------------------------- ------------------------
EL007301 Mt Bute 85
------------------------- ------------------------
Total 919
------------------------
-- The license applications are focussed on the Ballarat area
and the two recent applications, EL007301 west of Ballarat, and
EL007294 further off to the north-north-west near Avoca, are close
to and along the north-south structural corridor marking the
boundary between the Bendigo Zone and the Stawell Zone.
-- All license application areas have extensive evidence of gold
mineralisation and in many cases recorded production and historical
drilling;
-- Analysis of historical exploration and geophysical data
continues, and further updates will be provided in due course.
ONLINE MAP
Readers wishing to view the current application footprint may do
so through the following link to the POW website:
https://www.powermetalresources.com/p/204/rrraustralasia-gold-project-footprint
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company exploring for the key metals
used in power generation, transmission, storage and utilisation.
The Board and team of advisors, who have proven expertise in
exploration, mining and project generation, have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors to gain exposure to the power metal
commodity suite, particularly cobalt, lithium, copper and
nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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