logo-loader
viewPower Metal Resources

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

AIM:POW
Market: AIM
Market Cap: £1.11 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Power Metal Resources named herein, including the promotion by the Company of Power Metal Resources in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Power Metal Resources 'pushing ahead with key projects' and in strong...

Power Metal Resources Plc's (LON:POW) Paul Johnson tells Proactive London's Andrew Scott they're in an advantageous financial position to deal with the current uncertainty around the coronavirus outbreak. He says they're conducting business diligently, safeguarding existing business...

2 days, 23 hours ago

2 min read