(Alliance News) - Power Metal Resources PLC on Friday said it has multiple live exploration programmes running and significant corporate activity underway.
The AIM listed metals exploration and development company said two drill programmes impending, in Botswana and Tanzania, targeting large-scale nickel sulphide targets and with current levels of local regulation allowing the company to plan to commence drilling later in 2020.
Power Metal remains in a strong financial position with working capital comprising cash and listed investments of GBP1.6 million, it said.
In Australia, the company said the joint venture has made an advancement, with 2,188 square kilometers of ground under application in the Victoria goldfields over 12 distinct project areas and a draft of the NI 43-101 technical report under review.
In the US, reconnaissance survey was completed successfully at the Alamo gold project in Arizona, reviewing the key areas where the bulk of gold nuggets were found in alluvium on the property. The findings are being reviewed currently, Power Metal said.
Elsewhere, due diligence ground exploration programme underway at the Silver Peak project in Canada, the company noted, where channel sampling for silver is the key focus and where exploration results are expected shortly.
"Power Metal is at a key stage in its development and aided by our strong underlying financial position, we are pushing ahead proactively across the business, seeking to secure a large-scale metal discovery," said Chief Executive Paul Johnson.
AIM-listed Power Metal shares closed 2.8% lower in London on Friday at 1.24 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Power Metal (POW)