HIGHLIGHTS
Project: The
Pilot Mountain hosts a JORC (2012)1 compliant Mineral Resource Estimate of 12.53Mt @ 0.27% WO3 for 34.3kt of contained tungsten metal plus significant silver, copper and zinc.
The Project has undertaken metallurgical testwork and a 2018 Scoping Study for a conceptual open pit mining operation with an 8-year mine life.
There is a clear pathway for upgrading and supplementing the scoping study work, addressing the permitting requirements and advancing the Project towards a mining Feasibility Study.
Pilot Mountain has significant upside exploration potential.
The Option
Power Metal and its wholly owned subsidiary Golden Metal have secured an option (the 'Option') to acquire a 100% interest in the
60 day Option Period to undertake detailed Project due diligence and during which it may exercise the Option.
Option Exercise
Upon Option exercise, Golden Metal will acquire a 100% interest in
Listing of Golden Metal
Power Metal plans to spin-out Golden Metal into a new listing on the
Further announcements will be made to outline listing plans and project exploration/development plans.
In addition to the JORC (2012) compliant Mineral Resource at Pilot Mountain we are of the view that there is considerable exploration upside potential.
Historic work undertaken, including a Scoping Study completed in 2018, has demonstrated the potential viability of production from the Pilot Mountain deposit, further bolstered by strong metallurgical test results.
On a standalone basis Pilot Mountain is a significant advanced asset and complements the earlier stage exploration interests currently held by Golden Metal.
Importantly on completion of the acquisition we believe the Golden Metal portfolio will be one of the most exciting resource exploration and development opportunities in
We are now working with advisers to complete Project due diligence and undertake an accelerated listing process.'
Contact:
Tel: +44 (0) 7766 465 617
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