Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) announced that it has secured the exploration license for the Jabal Baudan project in Saudi Arabia, continuing its international expansion.
The company highlighted that with this award it becomes one of the few foreign mining companies to receive a concession in the Kingdom, following a successful bid in a competitive licensing process.
"We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts,” Power Metallic CEO Terry Lynch said in a statement.
“This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions."
The Jabal Baudan property, located in Saudi Arabia’s Jabal Sayid Mineralized Belt, spans over 200 square kilometers and is considered highly prospective for copper, gold, and zinc.
Its geology, marked by Proterozoic volcanic and intrusive rocks, closely resembles that of nearby volcanogenic massive sulfide (VMS)-rich deposits like Jabal Sayid and Umm ad Damar.
Power Metallic plans to utilize legacy aeromagnetic survey data to refine its targeting and exploration strategy.
Notably, the project is backed by Saudi Arabia's Exploration Enablement Program (EEP), a $182 million initiative designed to support and de-risk mineral exploration.
Through the EEP, Power Metallic may receive up to $2 million in funding for its license, part of a broader effort by the Kingdom to attract foreign investment and build geological knowledge.
"Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," Lynch added. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property."
Shares of Power Metallic added 1.6% in Canada and 2.9% over the counter in the US.