FULL DISCLOSURE: The Deep Dive is long the equity of Power Metallic.
Power Metallic (TSXV: PNPN) has managed to secure new land claims in a region few have had exposure to. The company this morning indicated it has been awarded new land claims in the Jabal Sayid Mineralized Belt, which is found in Saudi Arabia.
The new property, referred to as the Jabal Baudan property, is the largest of seven exploration packages that was offered in the belt. The project covers a total of 200 square kilometres, roughly 150 kilometres to the south of Jeddah. The region itself is known for VMS deposits, including the Jabal Sayid mine, with the project said to be prospective for copper, gold, and zinc mineralization.
Historic exploration occurred on site from 1966 through to 1985, with exploration conducted by BRGM, Riofinex, and the USGS. Siliceous volcanic rocks and ironstone have been identified on site, which is indicative of mineralized systems that are conducive to VMS deposits. The overall geological setting is said to be similar to the nearby Umm Hiljan deposit.
READ: Power Metallic Hits 10.99% Copper Equivalent Over 12.54 Metres At Lion Zone
“We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world’s most promising mineral belts. This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions,” commented Power Metallic CEO Terry Lynch.
Initial exploration planned by Power Metallic is set to begin with data compilation and reconnaissance, which is to then be followed by advanced exploration that will target high priority zones. The project also benefits from the Exploration Enablement Program, an initiative by the Kingdom of Saudi Arabia geared towards stimulating and de-risking mineral exploration in the region. The program provides up to $2 million per exploration license, which Power Metallic intends to capitalize on.
Power Metallic last traded at $1.23 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Power Metallic. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
