Power Metal Resources plc has exercised its options to buy two further properties on the Schreiber-Hemlo greenstone belt in north-western Ontario, Canada.
OPTION
The Magical and Enable properties are the final two of four gold exploration properties on which the company signed an exclusive option to acquire a 100% interest.
The move follows the company’s acquisition of the McKellar and Coco East properties on 18 and 24 February 2021.
Chief executive Paul Johnson said that Power Metal would start a phase of desk-based remote sensing targeting and exploration planning.
This will be followed by ground reconnaissance and target follow-up work after the snow has thawed.
“The exercise of our options over the Magical and Enable properties concludes Power Metals’ current acquisition strategy over the Schreiber-Hemlo greenstone belt in Ontario.
“Power’s portfolio of exploration properties provides us the opportunity to build value, within a 120km strike length, of a prolific exploration belt.”
PROPERTIES
Magical is located 9km northwest of Barrick Gold Corp’s Hemlo mine which has produced more than 21Moz gold and has been operating for more than 30 years.
Magical offers potential for orogenic style gold mineralisation.
The property comprises 14 single cell mining claims covering circa 3km².
Enable is on the western part of the Schreiber-Hemlo greenstone belt and is unexplored because of overburden cover.
The licence,comprising 41 claims covering circa 8.7km², has opportunities to discover new gold mineralisation using modern exploration technologies.
VENDOR
The vendor of the options is, as with the McKellar and Coco East, a consortium led by local prospector Brian Fowler who sold the Hemlo North gold project to Power Metal on 21 January 2021.