Power Metal Resources PLC (LON:POW) has exercised its option to acquire both the Magical Property and Enable prospects on Schreiber-Hemlo Greenstone Belt in north-western Ontario, Canada.
The ASIM-listed group added that with McKellar and Coco East it has now taken up its options on four properties along the S-H Belt.
Paul Johnson, chief executive, said: “The exercise of our options over the Magical and Enable properties concludes Power Metals’ current acquisition strategy over the Schreiber-Hemlo Greenstone Belt in Ontario.
“Power’s portfolio of exploration properties provides us with the opportunity to build value, within a 120km strike length, of a prolific exploration belt.
“We will now commence a phase of desk-based remote sensing targeting and exploration planning with a view to being in a position to initiate ground reconnaissance and target follow-up work after the snow thaw.”
Magical is located 9km northwest of Barrick Gold Corporation’s Hemlo Mine on the North Limb of the Schreiber-Hemlo Greenstone Belt, while Enable is on the western part.
The costs, payable in cash and shares, are C$40,000 for Magical and C60,000 for Enable, with the vendor a consortium led by local prospector Brian Fowler who sold Power Metal the Hemlo North Gold Project in January.
The vendors retain a 2% net smelter royalty on each property.