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Power Metal Resources rises as Katoro Gold updates on Blyvoor joint venture

Katoro, in which Power Metal holds a 5.57% stake, said “good progress” had been made regarding the potential sale of its Imweru and Lubando gold projects

Power Metal Resources - Power Metal Resources rises as Katoro Gold updates on Blyvoor joint venture

Power Metal Resources PLC (LON:POW) shares rose on Friday following a positive update from investee company Katoro Gold PLC (LON:KAT) on the Blyvoor gold production joint venture in Tanzania.

In the update, Katoro, in which Power Metal holds a 5.57% stake, said “good progress” had been made with Lake Victoria Goldfields Ltd regarding the potential sale of its Imweru and Lubando gold projects.

READ: Power Metal to increase exploration at Kisinka in the DRC

Katoro added that its Haneti polymetallic project, in which Power Metals hold a 25% interest, is currently subject to plans for possible drilling at two priority targets focused on nickel sulphide and platinum group metals (PGM). The company is also exploring funding options for the site including further joint ventures and farm-in agreements.

"As we sit today, we have, subject to funding being secured, the Blyvoor JV offering the prospect of significant revenues from future gold production, the potential to monetise our interests in our Lake Victoria gold interests and upside from future exploration in respect of our Haneti Polymetallic deposit”, said Katoro executive chairman Louis Coetzee.

In mid-morning trading, shares in Power Metal were 3.3% higher at 0.4p, while Katoro was 1.5% higher at 3.5p.

Quick facts: Power Metal Resources

Price: 1.15 GBX

AIM:POW
Market: AIM
Market Cap: £8.87 m
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