Power Metal Resources PLC (LON:POW) has extended its option to acquire an additional 10% of the Haneti polymetallic project in Tanzania until the end of August.
The company said that it and partner Katoro Gold PLC (LON:KAT) are still evaluating approaches to take a stake or farm-into the project.
In a statement, Paul Johnson, Power Metal's chief executive said: "The Haneti Project is a significant opportunity, and it is important to structure ownership in a way that optimises the commercial pathway for the project.”
Power Metal has a 25% stake in Haneti but can increase this to 35% through the payment of a further £25,000 to Katoro.