Power Metal Resources plc has acquired the Pilot Mountain tungsten-copper-silver-zinc project in Nevada, United States.
GOLDEN METAL
The company’s subsidiary Golden Metal Resources Ltd signed the option at the end of August, adding the acquisition to its other projects of Garfield and Stonewall and the right to earn 100% of Golconda Summit.
The deal sees Power Metal issuing $1.65 million of new ordinary shares of 0.1p each at an issue price of 2.5p to vendor Thor Mining plc.
Chief executive Paul Johnson said he was familiar with the Pilot Mountain project, having served on the board of Thor Mining from 2016 to 2018.
“A visit to site in November 2016 clearly demonstrated the scale of the project and our recent work as part of the due diligence process has highlighted dual upside potential from exploration and development perspectives.”
“With this important acquisition we have completed the portfolio of Golden Metal and can now move forward proactively with our listing plans.”