Power Metal Resources plc plans to increase its interests in Ontario just days after the company’s acquisition of gold projects in the Canadian province.
FOOTPRINT
The company has signed a 30-day option for four gold exploration properties in the Hemlo-Schreiber greenstone belt for a total C$260,000.
McKellar comprises 58 mining claims over 12.3km² prospective for copper-lead-zinc and gold-silver; Enable has 41 claims over 8.7km² for gold; Magical with 14 claims covers 3km² for sulphides-feldspar-pyrite; and Coco East holds 30 claims over 6.4km² for gold-silver-copper-zinc.
All four lie within 100km west or southwest of the company’s Hemlo North gold project, comprising Dotted East, Olga Lake and Roger Lake, acquired five days ago.
The vendor is a consortium led by established local prospector Brian Fowler from which Power Metal purchased the Hemlo North gold project.
Power Metal chief executive Paul Johnson said that the company intended to build a “significant” portfolio of precious metals interests in North America.
“Taken together with our recently acquired Hemlo North gold project in the highly prospective Hemlo area of Ontario, Canada, the option properties would give Power Metal a significant footprint in the Hemlo/Schreiber district, with ground tenure close to existing mines or other local properties subject to active exploration.
“We have moved quickly to secure these interests but given the assessment work involved across four individual properties, we have also secured a 30-day option period to enable due diligence work to be undertaken carefully on the option properties.”
Power Metal’s other North American interests lie at Silver Peak in British Columbia and the Alamo gold project in Arizona, United States.