The Project includes three contiguous exploration projects
'The acquisition of three exploration projects covering a significant portion of prospective greenstone belt in mining and investment friendly
The acquisition comes at a highly competitive time when this part of
The Project has the potential for both gold and base metal discoveries in an under explored area which offers Power Metal, as a proactive exploration company, the potential to add significant value through early stage exploration success.'
The Project: The Project presents an early stage exploration opportunity prospective for hosting both gold and base metal mineralisation, situated over an underexplored part of the very prospective Hemlo-Schreiber Greenstone Belt.
The Project consists a total of 122 Single Cell Mining Claims ('Claims') being vended as three contiguous claim packages (exploration projects);
The 122 claims cover a total area of 25.82km2 and are valid through to between
Access into the area is good with a gravel road running through the centre of the project leading south to
The Project footprint is located directly adjacent, to west of the
Adjacent and east of the
The Acquisition Terms: The vendors of the Project (the 'Vendors') are established local prospectors who will continue to work with Power Metal in the local management of the Project; the development and implementation of exploration plans and the identification of new opportunities.
The cost of acquisition of the Project is
The cash costs of the acquisition will be funded from Power Metal's existing Canadian Dollar cash account.
The Vendors will retain a 2% net smelter royalty ('NSR') in respect of the
The Exploration Plan:
Ongoing exploration spend is at the discretion of Power Metal as the 100% owner of the Project.
Preliminary exploration work planned for the project will include both remote sensing data interpretation and ground-based fieldwork with systematic soil sampling and geophysics expected to yield defined targets for future drill testing.
The Province of
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 1,152,233 Acquisition Shares to be admitted to trading on AIM, which is expected to occur on or around
Following Admission, the Company's issued share capital will comprise 1,062,775,868 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr
Contact:
Tel: +44 (0) 7766 465 617
Notes to Editors
The Company has a global portfolio of project interests including precious metal exploration in
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the
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