Power Metal Resources PLC (AIM:POW) has highlighted ‘major progress’ in Nevada where its majority-owned subsidiary Golden Metal Resources is continuing exploration efforts.
Golden Metal Resources, which is seeking a spin-out and IPO in London later this year, is exploring the Pilot Mountain, Golconda Summit, Garfield, Stonewall project in Nevada.
Progress towards the standalone listing continues apace, Power Metal said, and the vehicle remains well funded after December’s pre-IPO raise of £750,000.
"The focus of Golden Metal remains the preparations for listing in London, however it is important that steps are taken during the listing process to prepare for proactive work streams following listing, notably meaningful targeted exploration,” said chief executive Paul Johnson.
“Our preparatory work has revealed positive findings with a growing target base for potential resource expansion at Pilot Mountain Project and emboldening our belief in the potential of Golconda, Garfield and Stonewall projects."