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Power Metal Resources Shares Lower After Grant of Wallal Licences

Sam Boughedda trader
Updated 30 Sep 2021

Power Metal Resources (LON: POW) confirmed that two Wallal exploration licence applications have been granted in the Paterson region of Western Australia.

The two licences are Wallal Main and Wallal West 2. The Wallal Main licence is host to two magnetic bullseye anomalies, which are currently the highest priority exploration targets for a planned future deep drilling campaign. 

“I would ask investors to review our recent exploration update linked below, to see the potential the Wallal Project offers,” said Paul Johnson, CEO of Power Metal. 

The company is also expecting to be granted the Wallal West 1 project, which includes the third magnetic bullseye. 

“The grant of the Wallal Main licence was a key event which now allows for completion of the acquisition of First Development Resources Pty Ltd by First Development Resources Limited in which, post acquisition, Power Metal will hold a 75% interest,” stated the company. 

Power Metal will now move to complete the transaction, while preparations to seek a listing of FDR UK in the London capital markets will now accelerate.

“With the grant of licences announced today, one of our most exciting projects takes a great leap forward. Power Metal shareholders now have exposure to a major gold-copper exploration project in the Paterson region of Western Australia,” added Johnson. 

Power Metal Resources Shares are currently down 0.94% at 2.06p.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.