Power Metal Resources plc has signed an option agreement to sell its 30% interest in Silver Peak Resources Ltd, holding the historic Eureka-Victoria silver mine in southern British Columbia.
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In 2020, the company exercised an earn-in option to the project and committed CA$225,000 to ground exploration.
In April the following year, Power Metal and joint venture partner Michael B Nugent transferred and combined their interests into Silver Peak Resources Ltd, which owns 89.5% of the property.
More than four years later, the company has offered Mr Nugent an exclusive option to acquire its entire interest in Silver Peak for a maximum C$400,000.
The option period runs from 1 April 2025 to 31 March 2028.
Power Metal chief executive officer Sean Wade said: “Following on from the announcement of our exit from the Haneti investment and consistent with the ongoing review of our activities, I am pleased to announce the signing of this option agreement.
“We will continue to streamline our portfolio in order to make the most efficient use of our strong capital position, as we seek to optimise returns for our shareholders.”