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.
Exercise of Ontario Option - McKellar Property
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce that following due diligence work the Company has exercised its option to acquire the McKellar Property ( McKellar ) located on the prospective Schreiber-Hemlo Greenstone Belt in north-western Ontario, Canada. McKellar is one of four gold exploration properties upon which the Company has an exclusive option to acquire a 100% interest (as announced 26 January 2021). Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: Exercising the option over the McKellar Property strengthens Power Metals landholding over a part of Ontario which is currently seeing heightened junior exploration company activity.
26 January 2021 | 13:33pm
StockMarketWire.com - Power Metal Resources said it has taken an option agreement to acquire a 100% interest in four separate gold exploration properties located in the prospective Hemlo and Schreiber area of Ontario in Canada.
The company said it would pay up to $260,000, half in cash and half in shares, based on the issue of its share price at 3p.
The four option properties are located within 100km west or southwest of the company s new Hemlo North Gold Project, consisting of the 100% owned properties it acquired last week.
Paul Johnson, chief executive of Power Metals, said: ‘We have moved quickly to secure these interests but given the assessment work involved across four individual properties, we have also secured a 30-day option period to enable due diligence work to be undertaken carefully on the option properties.