Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an exploration update for the Arizona USA based Alamo Gold Project (the “Project”) in which Power Metal has the right to earn-in up to a 75% interest.
CHIEF EXECUTIVE OFFICER’S STATEMENT
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“We are very pleased to report that the geological field team commenced the planned December work programme at the Alamo Project in Arizona this week.
The local exploration team are focusing detailed investigations on six specific areas which are considered to be prospective for hosting potential palaeoplacer coarse grained gold deposits and which are linked to the areas where coarse gold and gold nuggets have already been identified.”
The Alamo gold project is a package of mining claims covering an area of approximately 946 acres and is situated in west-central Arizona, USA. The Project was originally identified as prospective for gold following the discovery of native gold nuggets (the “Nuggets”) near surface in numerous locations within the Project boundaries.
The geological environment supports further exploration to investigate the source of the nugget gold and the potential for a large mineralised gold system. In addition, the region in which the Project is situated is prospective for precious and base metals, with regional mines that have produced silver, lead, gold, zinc and copper.
1 Basal conglomerates: a conglomerate is a clastic sedimentary rock that is composed of a substantial fraction of rounded to subangular gravel-size clasts. A basal conglomerate forms the bottom stratigraphic unit of a sedimentary series and that rests on a surface of erosion (the basal contact), thereby marking an unconformity. In rare cases the basal conglomerate can also host a palaeoplacer deposit (see below).
2 Palaeoplacer deposits: consist of accumulations of valuable minerals, in this case gold, formed by gravity separation due to differing particle densities in a sedimentary environment (with the resultant deposits referred to as ‘placers’). The ‘palaeo’ prefix denotes that those placer deposits have become cemented or lithified post deposition.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
11 December 2020