Power Metal Resources PLC Agreement with Alara Resources & Awtad Copper

RNS Number : 5439J

Power Metal Resources PLC

25 October 2024

 

25 October 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Agreement with Alara Resources & Awtad Copper

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, and its majority held subsidiary Power Arabia Ltd ("Power Arabia"), announced on 11 September 2024 the signature of a non-binding Heads of Terms ("HoT") with ASX listed Alara Resources Limited ("Alara") and Awtad Copper LLC ("Awtad Copper") for Power Metal to spend up to US$740,000 from the date of execution of a legally binding agreement to earn a 12.5% stake in the Block 8 concession in Oman ("Block 8" or the "Block"), (the "Proposed Agreement").

The Company is pleased to announce that the finalisation and signature of a formal and legally binding agreement containing the full terms and conditions of the Proposed Agreement was signed on 22 October 2024 and consequently, field work is expected to commence imminently. The formal agreement aligns with the HoT and all material terms as announced on 11 September 2024 remain unchanged.

Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented: 

"I am delighted to be able to announce that another landmark deal in our growing Power Arabia business has been signed.

"We already have a team on the ground undertaking final logistical preparations. Moreover, we are continuing to build a local geological team to support this initial work, and for the rest of our expected project development in Oman."

Further Information on Block 8

A certain amount of historic exploration for copper has taken place in the central area of Block 8. However, significant potential exists to develop new targets and understand the full geological potential of the Block. As such, a  multi-pronged initial exploration programme has been planned by the Power Arabia team. Four main workstreams are planned and due to commence in the coming days:

1.    Stream and Wadi sampling programme across the southern outcropping ophiolite sequence combined with initial mapping and rock chip sampling

2.    Orientation soil sampling across a known copper anomaly using the Ionic Leach method of sampling and analysis to determine the efficiency and accuracy of such a method for possible future use in the Block

3.    Reconnaissance traverses of the northern area of the Block that is covered by more recent sediments and sands to identify any geological information visible at surface in any outcropping units

4.    Initial trenching over the Al Mansur and one other copper target identified by Power Arabia from satellite data review to test for copper mineralisation. Trenching will use a locally sourced excavator with trenches planned for 2m depth and placed cross cutting regional trends over potential mineralised targets.

Figure 1: Provisional Geological map of Block 8 with 2 copper targets, Power Arabia, October 2024

 

Figure 2. Provisional Drainage channel map, Block 8, Power Arabia, October 2024

 

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 LLP (Nomad and Joint Broker)
Ewan Leggat/Caroline Rowe	[phone]
Tamesis Partners LLP (Joint Broker)
Richard Greenfield/Charlie Bendon	[phone]
BlytheRay (PR Advisors) Tim Blythe/Megan Ray/Alastair Roberts	[phone]

 

NOTES TO EDITORS

Power Metal Resources plc (AIM:POW,OTCQB:POWMF) is a London-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, Saudi Arabia 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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