Power Metal Resources plc has agreed the merger, announced in December 2022, of its Wilan IOCG* project in South Australia with additional licences in Queensland, and the subsequent sale.
INCUBATOR
The expanded portfolio includes Wilan’s two exploration licences over a total 1,994km2 in the Olympic Dam precinct and the Fiery Creek and Bartola copper projects in the Mt Isa region.
The company will own 20% of newly created, copper-uranium focused NHM Holdings (Australia) Pty Ltd, which was in turn conditionally acquired on 27 May 2024 by Aruma Resources Ltd.
Completion of the acquisition is subject to Aruma shareholder approval, after which Aruma plans to define and test priority drill targets.
“I am very pleased to be able to report an important crystallisation event in respect of the NHMHA acquisition by Aruma Resources,” said Power Metal chief executive Sean Wade.
“This further demonstrates the value of our incubator model and how it serves to add value to shareholders.
“This transaction represents a continued streamlining of our portfolio and allows for concentration on our highest-value opportunities.”
* iron oxide copper gold ore