Power Metal Resources plc has signed a consulting agreement with Jasper Consult DMCC potentially to build a new exploration asset base in Saudi Arabia and Oman.
PHASES
The London and Dubai-based strategic consultant, with “extensive expertise” in both countries, will aid the junior company establish a presence through a phased approach.
Power Metal said that the deal fitted its own strategy to invest in highly prospective projects as well as Saudi Arabia’s 2030 Vision to reduce the country’s dependence on oil and diversify its economy.
Jasper Consult will identify relevant exploration and development opportunities and support Power Metal’s negotiation of exploration licences.
This will be followed by securing appropriate co-development partners, supporting Power Metal in the longer term as it builds its presence in the region, and securing strategic partners.
ARABIAN SHIELD
Power Metal has existing in-house experience of working in the region and plans to build a technical team dedicated to developing the Saudi Arabia-Oman opportunity.
“I am very pleased to announce this new relationship with Jasper Consult, and very excited about the opportunity we have to establish a presence in both Saudi Arabia and Oman,” added chief executive officer Sean Wade.
“The Arabian Shield geological trend is a rich mineral system which is vastly underexplored, presenting an excellent opportunity for us to demonstrate our successful business model.”