Power Metal Resources PLC (LON:POW) said it secured a further short extension to its option to acquire First Development Resources (Pty) Ltd, an Australian private company with copper-gold exploration interests in the Paterson Province in the Pilbara region of Western Australia.
The new extension to April 23 will allow the Power Metal team sufficient time to finalise due diligence work, including work in respect of additional projects in the Paterson Province that may be suitable for acquisition to further build the portfolio, it said.
The original option exercise period expired on April 8 and was then extended to April 16.
The Paterson Province is considered highly prospective for gold-copper and base metals and a significant level of exploration activity is already underway across the region. It is home to Rio Tinto’s (Rio Tinto PLC (LSE:RIO), ASX:RIO) Winu copper-gold project and Greatland Gold PLC’s (LON:GGP) Havieron discovery.