- Power Metal Resources
- 27 April 2026 12:13:12
Source: Sharecast
The AIM-traded gold exploration company said discussions relating to the access agreement for the licence area were nearing finalisation, which would permit fieldwork to commence under the guidance of its exploration partner and option holder, Tuscan Holding.
Under the terms of the arrangement, which Power Metal entered into in June 2024, Tuscan would fully manage and fund the next phase of exploration, evaluation and feasibility studies at no cost to Power Metal.
The firm said drilling of the Cherished Hope prospect was expected to start after the rainy season in March or April, with Tuscan planning a rotary air blast drilling programme to define gold mineralisation at depth.
Subject to successful completion of a feasibility study and Tuscan securing financing for construction and mine infrastructure development, Tuscan had the option to acquire a 75% interest in the licence, with Power Metal retaining a 25% free-carried interest through to production.
The milestone achievement of environmental approval, management noted, de-risked the path to drilling and substantially accelerated the exploration timeline for the project.
At 1120 BST, shares in Power Metal Resources were up 3.62% at 13.6p.
Reporting by Josh White for Sharecast.com.
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