Power Metal Resources PLC Investee Update - Golden Metal Resources PLC (1797A)

TIDMPOW

RNS Number : 1797A

Power Metal Resources PLC

22 May 2023

22 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - Golden Metal Resources PLC

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)("Golden Metal") confirming significant copper systems identified at Golden Metal's Garfield Project in Nevada USA.

An extract of Highlights from the announcement is provided in italics below:

Highlights:

- Discovery of two significant copper (Cu) zones which are now named the "Power Line Zone" (or "Power Line") and "High-Grade Zone" (or "High-Grade"; collectively the "Zones") which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.

- Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.

This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480

Power Metal Holding in Golden Metal

Golden Metal completed a listing on the AIM market of the London Stock Exchange on 10 May 2023.

Power Metal holds 52,248,756 ordinary shares in Golden Metal ("Golden Metal Shares")representing a 62.06% interest in the ordinary share capital of Golden Metal which, based on the closing market mid-price of Golden Metal on 19 May 2023, was valued at GBP4,049,279.

The total shareholding above is subject to a 12-month lock-in agreement prohibiting the sale of Golden Metal Shares until 10 May 2024, with a follow on further 12-month orderly market arrangement thereafter until 10 May 2025.

In addition to the shareholdings above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and an expiry date of 10 May 2024. Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and an expiry date of 10 May 2025.

   For further information please visit   https://www.powermetalresources.com/  or contact: 
 
Power Metal Resources plc 
Sean Wade (Chief Executive Officer)                   [phone] 
 
SP Angel Corporate Finance (Nomad and Joint Broker) 
Ewan Leggat/Charlie Bouverat                          [phone] 
 
SI Capital Limited (Joint Broker) 
Nick Emerson                                          [phone] 
 
First Equity Limited (Joint Broker) 
David Cockbill/Jason Robertson                        [phone] 
 
 
 
 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

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(END) Dow Jones Newswires

May 22, 2023 04:02 ET (08:02 GMT)