Power Metal Resources plc said it had started assessing priority targets for drilling at its Pilot Mountain tungsten-copper-silver-zinc project in Nevada, USA.
STRUCTURE
The company’s subsidiary (83.13%) Golden Metal Resources owns 100% of the Pilot Mountain, Garfield and Stonewall projects and a right to earn-in to a 100% interest in the Golconda project.
Golden Metal plans to list in the London capital markets.
OPERATIONS
Golden Metal has started a 3D induced polarisation survey over Pilot Mountain to allow more detailed assessment of high priority targets.
The company plans follow-up drilling later this year to target additional tungsten, copper, silver and zinc resources.
At the company’s other Nevada interests, Golden Metal has used historical datasets as part of detailed planning for initial exploration programmes at the Golconda gold project.
High resolution soil geochemical survey is currently underway across the Garfield project targeting additional copper-gold-silver mineralisation.
And detailed desktop study undertaken for the Stonewall project has identified multiple targets for follow up exploration programmes.
Golden Metal is also in the final stages of its first environment social and governance (ESG) report.
LISTING
Power Metal said it had completed the most complex area of the pre-IPO process of removing the various Australian subsidiaries from the holding company structure of the Pilot Mountain project.
Golden Metal now has 100% ownership of the two US private companies holding the Pilot Mountain project.
CRITICAL MINERALS
The company is also raising awareness of its projects, notably Pilot Mountain, following the United States Geological Survey’s inclusion of tungsten in its 2022 list of critical minerals.
Golden Metal added it was also open to various government initiatives to stimulate the production of indigenous critical metal projects.
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