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Power Metal takes up two more options on Ontario gold belt

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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.

“Power’s portfolio of exploration properties provides us with the opportunity to build value, within a 120km strike length, of a prolific exploration belt.

“We will now commence a phase of desk-based remote sensing targeting and exploration planning with a view to being in a position to initiate ground reconnaissance and target follow-up work after the snow thaw.”

Magical is located 9km northwest of Barrick Gold Corporation’s Hemlo Mine on the North Limb of the Schreiber-Hemlo Greenstone Belt, while Enable is on the western part.

The costs, payable in cash and shares, are C$40,000 for Magical and C60,000 for Enable, with the vendor a consortium led by local prospector Brian Fowler who sold Power Metal the Hemlo North Gold Project in January.

The vendors retain a 2% net smelter royalty on each property.

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