Power Metal Resources plc announced it had signed an earn-in agreement for a new gold property in the United States.
The miner’s new wholly-owned subsidiary Golden Metal Resources Ltd signed an agreement to take out an option to acquire up to 100% of the Golconda Summit gold property in central Nevada, USA.
Power Metal’s other interest in the country is the Alamo gold project in Arizona.
GOLCONDA
Golconda is an early-stage gold exploration project comprising 44 current Bureau of Land Management Lode Claims held in the name of Eureka Resources.
The vendor GR Silver Mining Ltd has held an option agreement since 11 August 2017 to earn-in to 100% of Golconda from the underlying vendor Eureka Resources.
GOLDEN METAL
Power Metal chief executive Paul Johnson said that the company had recently formed Golden Metal to act as a holding company for new acquisitions of precious and base metal projects in North America.
“The option agreement on the Golconda Summit gold property gives the company exposure to an exciting carlin-type gold project located in the highly gold endowed Great Basin district at the confluence of the prolific Battle Mountain-Eureka and Getchell gold trends.”
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