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 the Wallal Project (the “Project”) located in the prolific Paterson Region of Western Australia where the Company is targeting major gold-copper discoveries.
Power Metal now confirms that two licence applications have now been granted. The granted licences are:
– E45/5816 – Wallal Main
– E45/5880 – Wallal West 2
The Wallal Main licence is host to two magnetic bullseye anomalies (Eastern Anomaly and Border Anomaly) which are currently the highest priority exploration targets for a planned future deep drilling campaign. The third licence application forming the Wallal Project, Wallal West 1 (E45/5853) is expected to be granted shortly. This licence application includes the third magnetic bullseye Western Anomaly.
The grant of the Wallal Main licence was a key event which now allows for completion of the acquisition of First Development Resources Pty Ltd (FDR Australia) by First Development Resources Limited (FDR UK) in which, post acquisition, Power Metal will hold a 75% interest.
Power Metal will now move to undertake transaction completion and a further announcement will be made in this regard shortly. In addition, preparations to seek a listing of FDR UK in the London capital markets will now accelerate.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“With the grant of licences announced today, one of our most exciting projects takes a great leap forward. Power Metal shareholders now have exposure to a major gold-copper exploration project in the Paterson region of Western Australia.
We are seeking major gold-copper discoveries and I would ask investors to review our recent exploration update linked below, to see the potential the Wallal Project offers.”
Note:
The grant of Wallal Main was confirmed this morning and the quarterly report we have prepared for release today will need to be amended accordingly with this important news and its significant impact on our business plans. As a result the Power Metal Quarterly Business Operational Update will now be released on 1 October 2021.”
BACKGROUND
The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816 (granted), Wallal West 1-E45/5853 (application) and Wallal West 2 – E45/5880 (granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).
On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:
The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |