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Power Metal takes up two more options on Ontario gold belt
Magical is located 9km northwest of Barrick Gold Corporation s Hemlo Mine while Enable is on the western part.
Power Metal Resources PLC (LON:POW) has exercised its option to acquire both the Magical Property and Enable prospects on Schreiber-Hemlo Greenstone Belt in north-western Ontario, Canada.
The ASIM-listed group added that with McKellar and Coco East it has now taken up its options on four properties along the S-H Belt.
Paul Johnson, chief executive, said: “The exercise of our options over the Magical and Enable properties concludes Power Metals current acquisition strategy over the Schreiber-Hemlo Greenstone Belt in Ontario.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: The acquisition of three exploration projects covering a significant portion of prospective greenstone belt in mining and investment friendly Ontario is a significant development for Power Metals. The acquisition comes at a highly competitive time when this part of Canada is attracting a significant amount of investment from Canadian listed junior explorers. The Project has the potential for both gold and base metal discoveries in an under explored area which offers Power Metal, as a proactive exploration company, the potential to add significant value through early stage exploration success.