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Power Metal Resources moves to get meaningful exploration exposure in Australia’s Paterson Range

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Power Metal Resources PLC (LON:POW) is to acquire a 75% strategic interest in a UK special acquisition vehicle which will in turn acquire outright First Development Resources Ltd, an Australian private company.

FDR Australia holds a portfolio of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia.

The acquisition of FDR Australia will not be undertaken until the Ripon Hills Project has been successfully transferred into FDR Australia and a granted exploration licence has been received by FDR Australia in respect of the Wallal Project.

“The acquisition announced today provides Power Metal with a strategic interest in exploration properties in the Paterson Province, Western Australia,” said Paul Johnson, chief executive Power Metal Resources.  

“This region has seen considerable interest in recent years following the Havieron discovery by Greatland Gold PLC and the Winu discovery by Rio Tinto.”

Power Metal plans to list this new strategic Australian copper-gold exploration vehicle on the London capital markets at the earliest opportunity.

“For myself, and Andrew Bell, chairman of Power Metal, this transaction is reminiscent of the financing and restructuring of Greatland Gold we coordinated in April 2016, which rejuvenated that vehicle and provided the backdrop to the dramatic delivery for shareholders we saw there,” continued Johnson. 

“It does Power Metal no harm if we aspire to achieve another positive outcome with this new opportunity.”

 

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