On Wednesday, Power Metal Resources (LON: POW) revealed details of a new Australia Copper-Gold project in South Australia.
The project is centered on two large licence applications in South Australia, with Power Metal establishing a new wholly-owned Australian subsidiary, Power Metal Resources Australia Pty Limited, to be the host vehicle for the company's new Australian exploration interests.
Power Australia has submitted 2 licence applications in the Gawler Craton of South Australia, which have been received and validated by the Department of Energy and Mining.
The applications target Olympic Dam style mineralisation, and Power Australia is currently reviewing to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations.
Paul Johnson, CEO of Power Metal Resources, commented: “With the preparations underway for the spin-out/disposals of Power Metal's two existing interests in Australia, we are now looking to rebuild our Australia portfolio.
“Through our in-house team we have identified this new opportunity in South Australia, targeting large-scale discoveries in a geological environment that is prospective for Olympic Dam style mineralisation.”
Power Metal shares were down on the day earlier in the session. However, they have climbed 1% since the announcement, currently trading around the 1.77p level. On Tuesday, POW's stock price gained just under 3% after it updated investors about its uranium portfolio.
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