Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
The share price of Power Metal Resources (LON: POW) spiked before falling after the company said it had identified new copper anomalies at its Garfield property in Nevada.
The company said analysis of Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) and European Space Agency Sentinel-2 datasets has been undertaken by global image processing expert Dr Neil Pendock.
The analysis revealed two strong anomalies, prospective for copper mineralisation. They are located over 1km and 1.5km away from the main Garfield showings, significantly expanding the potential copper mineralisation track.
In addition, Power Metal said it is reviewing other strong anomalies near the newly expanded Property identified by the satellite imagery analysis.
Paul Johnson, CEO of Power Metal Resources, said: “Power Metal is grateful to Dr Pendock for his work which has led to the identification of prospective copper anomalies at our 100%-owned Garfield Property
“This has been achieved by deploying the latest satellite imagery analysis techniques, undertaken at reasonable cost and is a material outcome from initial exploration work.
“Given the findings we have intensified our exploration activities at Garfield and look forward to further updating shareholders with the outcomes from this exploration work.”
After jumping to a high of 1.85p, POW shares are now down over 1.7% from Thursday's close at 1.77p.
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