Power Metal Resources PLC (AIM:POW) higlighted an update for the Schreiber-Hemlo assets in Ontario, Canada, where a survey has taken place and a permitting work is underway.
London-listed Power Metal in September sold Schreiber-Hemlo to First Class Metals Limited for £1mln. Under the deal the company retains a 36.1% interest in the buyer.
First Class is now advancing the asset which comprises the Pickle Lake Palladium One joint venture area along with the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East properties.
The update was released in Canada last night. It reported on the findings from a versatile time domain electromagnetic survey at Pickle Lake, the completion of a sampling programme and confirmed that permitting was underway ahead of planned drilling.
The First Class statement itself was linked to an earlier statement from joint venture partner Palladium One, dated 28 October.