Power Metal Resources plc has exercised its option to acquire the McKellar property located on the Schreiber-Hemlo greenstone belt in northwest Ontario, Canada.
EXCLUSIVE OPTION
The underexplored property comprises 58 mining claims (49 single cell mining claims and nine boundary cell mining claims) covering circa 12.3km².
McKellar is one of four gold exploration properties on which the company has an exclusive option to acquire a 100% interest.
The geology consists of metavolcanic and metasedimentary rock packages prospective for both gold and volcanogenic massive sulphide (VMS) style copper-lead-zinc-silver mineralisation.
FOLD-HINGE SETTING
Chief executive Paul Johnson added that the property strengthened Power Metals’ landholding over a part of Ontario witnessing heightened junior exploration company activity.
“Our due diligence data review has shown McKellar complements Power Metal’s existing Dotted East, Olga Lake and Roger Lake projects, notably adding ground with indications of VMS style mineralisation sited in association in a structurally prospective fold-hinge setting.
“We are continuing our due diligence review of the remaining three option properties.”
TERMS
The claims are valid between 7 June 2021 and 26 April 2022 after which they can be renewed on an annual basis.
For renewal, the McKellar claims will require an aggregate work spend of C$23,600 of which C$15,200 has already been spent.
The vendor is a consortium led by established local prospector Brian Fowler who was the vendor of the Hemlo North gold project acquired by Power Metal in January 2021.