Power Metal Resources plc said it had secured an exclusive 60-day option in a potential new acquisition of copper-gold interests in the Paterson Province in the eastern Pilbara Region of Western Australia.
MAJOR CENTRES
Chief executive Paul Johnson added that the company was keen to build its Australian base and precious metals exploration with the potential for large scale metal discoveries.
Power Metal already has a joint venture with Red Rock Resources in the Victoria gold fields.
With the Paterson acquisition, and subject to due diligence, it will have operating interests in two of the major resource exploration centres in Australia.
AGREEMENT
The option agreement is to acquire a 100% interest in First Development Resources Pty Ltd (FDR), an Australian private company holding the Wallal project, and an option to acquire the Ripon Hills project.
The Wallal project, currently 100% owned by FDR, comprises exploration licence application E45/5816 covering 390km2 in the western quadrant of the Paterson Province.
FDR also has a right to acquire 100% of the Ripon Hills project from Australian company Great Sandy Pty Ltd.
The project comprises exploration licence E45/5088 covering 42km2 prospective for base metal-gold mineralisation.
PATERSON PROVINCE
Power Metal noted that several major groups in search of Tier 1 deposits had entered into joint-venture / farm-in deals with junior explorers.
The area also has developed mine and processing infrastructure from established mining operations.
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