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Power Metal Resources takes option over cobalt licence in DRC

Soil sampling has shown anomalous cobalt at 500-750 parts per million and mineralisation on trend from nearby occurrences of R2 rocks.

termite mounds
Samples from termite mounds will be tested first

Power Metal Resources PLC (LON:POW) has taken an option over 70% of a licence to the north and east of the Tondo cobalt-copper mine in the DRC.

Paul Johnson, executive director, said the licence was primarily a cobalt play and in a known area of mineralisation.

Initial exploration will be through termite mound sampling potentially to be followed by pit excavations down to a depth of 10m.

“Given the location of the licence and the results so far, this is a very exciting project where our objective is to prove up a shallow, open-pittable and high-grade resource."

Soil sampling has shown anomalous cobalt at 500-750 parts per million and mineralisation on trend from nearby occurrences of R2 rocks.

Power Metal has paid US$5,000 to vendor SCOMIS for the option, which will be followed by US$50,000 if the option is exercised and a further US$250,000 when mining starts.

Quick facts: Power Metal Resources

Price: 1.3 GBX

AIM:POW
Market: AIM
Market Cap: £10.03 m
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