Power Metal Resources PLC Alamo Gold Project Update (8387R)
02 Julio 2020 - 2:36AM
UK Regulatory
TIDMPOW
RNS Number : 8387R
Power Metal Resources PLC
02 July 2020
2 July 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Alamo Gold Project Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to provide an update
in respect of the Alamo gold project in Arizona, USA (the
"Project").
We refer shareholders to the Company's previous announcement on
21 April 2020 where the Company provided an update on progress at
the Project. This announcement may be viewed through the following
link:
https://www.powermetalresources.com/n/n192/arizona-usa-alamo-gold-project-update
The above update confirmed that following a successful site
visit in January 2020 the Company's local partner had completed the
staking of additional claims to significantly expand the Project
footprint. In addition, that the additional claim areas were being
registered with the County and Bureau of Land Management.
The registration of the additional claims has now been
undertaken and the footprint of the Project now covers the area
potentially containing a proximal bedrock gold source for the gold
nugget mineralisation identified near surface (historically circa
60 ounces of gold nuggets at surface having been found in the
original project area).
On 21 April 2020 the Company also announced that the Project due
diligence period had been extended to 30 June 2020 with the
agreement of all parties, with no extension fees payable,
reflecting the disruption to normal activity due to lockdowns in
respect of Covid-19. That period has now expired however the
Company remains in discussions with a view to concluding its due
diligence and related contractual agreements.
A further update will be provided to the market on successful
completion of discussions in respect of the Alamo gold project.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented: "I am eager to conclude our discussions in respect
of the Alamo gold project however my primary duty is to take care
of Power Metal shareholder interests by completing our work
fully.
I would like to thank our local partners for their support with
our work and would confirm that if we are able to conclude our
review and discussions successfully shareholders will be updated
accordingly."
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/Charlie Bouverat +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 seeking a large scale discovery
of precious or base metals.
The Company has a portfolio including key interests in
Australia, Botswana, Cameroon, The DRC and Tanzania. The interests
represent large scale exploration projects targeting mainly cobalt,
copper, gold, nickel and platinum group metals. Project interests
range from early stage greenfield exploration to later stage drill
ready prospects.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive metals exploration.
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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July 02, 2020 03:36 ET (07:36 GMT)
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