Metals & Minerals News

Power Metal applies for 1,994km2 licences in Australia

Posted on Author editorial Comments Off on Power Metal applies for 1,994km2 licences in Australia

Power Metal Resources plc has applied for two licences covering 1,994km2 and targeting Olympic Dam-style copper-gold mineralisation in the Gawler Craton, South Australia.

Exploration: Power Metal said it was looking to rebuild its Australia portfolio with licences in South Australia (Pixabay)

SUBSIDIARY

The company’s new wholly owned Australian subsidiary, Power Metal Resources Australia Pty Ltd (Power Australia) will be the host vehicle for new Australian exploration interests of Power Metal.

These are being acquired to replace current interests in Australia planned as spin-out / disposals including First Development Resources (Paterson Region) and New Ballarat Gold Corporation (Victoria gold fields).

LICENCES

The two licence applications (ELA 2021-00162 and EL 2021-00163) in the Gawler Craton lie due south and west of Copper Search Ltd’s Ruby Hill project.

Power Australia is reviewing the site to refine geological understanding and prepare detailed exploration plans for ground operations once the licences are granted.

Chief executive Paul Johnson said that with plans underway for the spin-out/disposals of Power Metal’s two existing interests, the company was looking to rebuild its Australia portfolio.

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