Power Metal Resources plc has signed a letter of intent for a binding agreement to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. HABDAH The deal with Al Masane Al Kobra Mining Company will see Power Metal spend US$3 million on designing, conducting and funding all exploration and resource work. The company […]
Tag: Power Metal Resource plc
Red Rock receives offer for Australia gold assets
Red Rock Resources plc said it had received an offer “in respect of its interest” in Red Rock Resources Australasia Ltd (RRAL) with licences in Victoria, containing the Berringa mine, and South Australia. DELAYS No further details were given in the announcement on 23 August. The company and partner Power Metal Resources plc owned 50.1% […]
Power Metal extends uranium JV due diligence
Power Metal Resources plc has extended the due diligence period for the creation of a uranium-focused joint venture in Canada. PROGRESS The June agreement for the company’s entire Saskatchewan portfolio with ACAM LP includes a £2m subscription and a £10m non-binding term sheet. Power Metal holds 16 properties over a combined 92,407ha (924.07km2), surrounding and within […]
Power Metal stakes additional claims at Garfield
Power Metal Resources plc has staked eight further claims after identifying new copper anomalies at the Garfield copper property in the Walker Lane mineral belt in Nevada, USA. ADDITIONAL CLAIMS Analysis of recent satellite imagery of Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) and European Space Agency Sentinel-2 datasets identified two strong anomalies prospective for […]
RRAL discovers historic mine workings in Victoria
Red Rock Resources Australasia Pty Ltd (RRAL) announced it had discovered 150-year-old workings and well-developed adits at its gold exploration licences in the Victoria gold fields in Australia. JOINT VENTURE The joint venture company, between Red Rock Resources plc (50.1%) and Power Metal Resources plc (49.9%) said it had started a re-entry programme at the […]
Power Metal enters uranium exploration
Power Metal Resources plc has staked claims for four 100% owned uranium exploration properties comprising seven licences surrounding the Athabasca Basin in Saskatchewan, Canada. PROPERTIES Power Metal said it had quickly secured a strategic position in uranium exploration following recent increased interest in the sector. The properties include Clearwater; Tait Hill; Thibaut Lake; and Soaring Bay […]