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Power Metal’s cobalt-nickel project in Cameroon 'shares similarities with huge nearby deposit'

“This is highly significant, demonstrating the potential for a new cobalt district within which our project is positioned”

Power Metal Resources -
The presence of precious metals was also identified

Recent mapping and sampling results have shown similarities between Power Metal Resources PLC’s (LON:POW) cobalt-nickel project in Cameroon and one of the largest cobalt deposits in the world.

The results showed that Power’s project has similar geology as at the nearby Nkamouna project, which is believed to be the largest defined cobalt resource outside the Democratic Republic of the Congo.

WATCH: Power Metal sees similar geology between its Cameroon project and nearby Cobalt monster

X-ray fluorescence testing at Power’s project identified anomalous cobalt across all six pits, with samples grading up to 1 metre at 0.23% - in line with grades at Nkamouna.

The testing also flagged up the presence of precious metals, which bosses said was “unexpected” as Nkamouna’s owners, Geovic, hadn’t mentioned anything like that in their recent briefings.

Power is continuing its technical review of the results and will send off the samples for full laboratory testing.

‘Very important strategic project’

“We consider this programme to have been successful in demonstrating that our project, in the key respects, has similar geology as at the large scale Nkamouna cobalt deposit, our neighbour,” said executive director Paul Johnson.

“This is highly significant, demonstrating the potential for a new cobalt district within which our project is positioned.

“The identification of precious metals in numerous samples was initially surprising and we are taking care to fully investigate this, including assay testing, before we conclude.

“The results of this exploration programme have exceeded our expectations and affirms the company's Cameroon project as a very important strategic project for the company.”

Shares were down 5.3% to 0.45p on Thursday morning.

Quick facts: Power Metal Resources

Price: 0.2 GBX

Market: AIM
Market Cap: £1.11 m

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