POW completes first stage of due diligence for Alamo project
Aim-listed Power Metal Resources (POW) has completed the initial due diligence related to the Alamo project, in Arizona, taking it a step closer to earning a 60% interest in the project.
The Alamo project is a package of mining claims covering an area of 340 acres.
The project was originally identified as prospective for gold following the discovery of native gold nuggets near surface in numerous locations within the project boundaries.
The region in which the project is situated is also prospective for silver, lead, zinc and copper.
POW in December signed an agreement providing an opportunity to acquire a right to earn in to a 60% interest in the Alamo project.
The initial due diligence included a site visit by the POW chairperson, CEO and competent person. POW said the site visit confirmed gold nuggets within the project area. Under POW oversight, a 3 m2 test pit, up to 30 cm deep, was excavated in an area of undisturbed vegetated ground coinciding with the perceived trend of intrusive dykes.
The vendors – Winston Gold Corporation CEO Murray Nye and Newmont Goldcorp former director Joe Carrabba – have waived the previous extension fees, which comprise the issue of a further 2.9-million new ordinary shares of 0.1 pence each to the vendors at a price of 0.4p apiece, or £11 646, for an additional 30 days added to the due diligence period.
POW have agreed to spend a minimum of $20 000 to complete additional exploration work and secure additional ground, in exchange for an extension to the due diligence period to April 20.
The company confirmed that additional exploration work is likely to include the acquisition and assessment of satellite remote sensing datasets to obtain additional information on structure and alteration mapping.
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