Power Metal Resources PLC (LSE:POW) has completed its maiden drilling campaign at the Block 8 concession in Oman, delivering results that point to copper-dominant Volcanogenic Massive Sulphide (VMS) mineralisation across the licence area.
The initial programme comprised eight drill holes for a total of 724.45 metres. Assays confirmed the presence of copper alongside associated lead and zinc mineralisation, supporting the geological model that Block 8 could host Cyprus-style copper deposits. Management said the results validate the exploration concept and justify further work on the project.
Completion of the drilling programme also satisfies the requirements for Power Metal to earn an initial 12.5% interest in the project. The company now plans to advance into the next exploration phase, which is expected to include additional trenching and follow-up drilling to better define the extent and grade of the mineralised zones.
Despite some operational headwinds and ongoing cash outflows, Power Metal continues to report strong revenue growth and maintains a solid balance sheet. The company believes the current market valuation does not fully reflect the potential of its asset base, although technical indicators suggest near-term caution.
More about Power Metal Resources Plc
Power Metal Resources PLC is a London-listed exploration company and project incubator with a diversified portfolio of projects worldwide. The group specialises in identifying and advancing mineral assets, with a particular focus on copper-dominant exploration opportunities.
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