Power Metal Resources PLC (LON:POW) has said the ground position at the Alamo gold project has been significantly expanded, following a staking campaign undertaken by its local partner in the USA.
The additional claim areas are being registered with the County and Bureau of Land Management and expanded land position will now cover an area potentially containing a proximal bedrock gold source for the 60 ounces of nugget mineralisation already identified near-surface.
Power Metal Resources owns an option over the project, and is currently undertaking due diligence.
The due diligence period has been extended to June 30, 2020, with the agreement of all parties, with no extension fees payable, reflecting the disruption to normal activity due to lockdowns in respect of the coronavirus.
The company also said it is also reviewing additional gold project opportunities in the US to potentially build a US gold operations portfolio.
"I am pleased to confirm the expansion of the project footprint to cover the gold prospective area identified during our due diligence site visit,” said Power Metals chief executive Paul Johnson in a statement.
“In addition to the Alamo gold project, we are increasingly aware of additional US gold exploration opportunities and there is the prospect of building a gold portfolio around the Alamo gold project. There is a window of opportunity that has emerged, partly due to the challenging conditions and also because our partners and contacts in country have access to an extensive range of opportunities.
"We will use the additional time available to us to complete Project due diligence and to examine new opportunities," he added.