Power Metal Resources PLC (LON:POW) subsidiary Golden Metal Resources has taken out an option to acquire up to 100% of the Golconda Summit Gold property in central Nevada from GR Silver Mining.
Paul Johnson, Power Metal’s chief executive, said: "We recently formed Golden Metal to act as a holding company for new acquisitions of precious and base metal projects located in North America and I am pleased to announce this first transaction within the mining-friendly state of Nevada.
"The option agreement on the Golconda Summit Gold Property gives the company exposure to an exciting carlin-type gold project located in the highly gold endowed Great Basin district at the confluence of the prolific Battle Mountain-Eureka and Getchell gold trends.”
Golconda Summit is an early-stage gold exploration project comprising 44 current Bureau of Land Management Lode Claims held in the name of Eureka Resources.
GR Silver has held an option agreement since 11 August 2017, to earn in to 100% of Golconda from the underlying vendor Eureka Resources, a private Nevada based company.