Power Metal Resources PLC (AIM:POW) has powered ahead after positive news from Australia.
Its joint venture subsidiary New Ballarat Gold Corporation has begun its first diamond drill programme at O'Loughlin's prospect south of Buninyong.
Meanwhile a new exploration licence has been granted in Victoria, making nine in total.
NBGC - Gold Drill Programme Commences
Excellent road access allows for quick and efficient drill rig mobilisation at O'Loughlins. We are looking forward to the results from NBGC's inaugural drilling campaign.https://t.co/9PFXVaGGdQ pic.twitter.com/IHMy6tyTKE
— Power Metal Resources (@PowerMetRes) December 15, 2021
Power Metal's chief executive Paul Johnson said: "Today marks an important point in the life of New Ballarat Gold Corporation as inaugural gold exploration drilling commences. We look forward to the results feeding out from the project.
"We also have the welcome news that a further large exploration licence, EL007282 (Blue Sky), has been granted, taking the total portfolio of granted licences to over 1,500km2 for the first time. To hold such a large land granted footprint in the Victoria Goldfields is a tremendous positive."
Power Metal shares are up 11.32% at 1.48p.