Power Metal Resources plc has further expanded its uranium portfolio with its first venture into Togo, West Africa.
TARGETS
The company already has uranium interests in Saskatchewan, Canada and the Northern Territory, Australia.
Power Metal said that existing targets had been established in Togo and that it was planning next stages of exploration as well as securing new opportunities as soon as possible.
The company signed the agreement with David Knopf, a consulting geologist “governing the evaluation, acquisition and exploration of uranium prospects in Togo”.
Power Metal will establish a wholly-owned operating subsidiary in Togo, to act as a holding company for the uranium interests.
After the transfer of the new assets into its subsidiary, Power Metal will pay fees in part cash-part shares to Mr Knopf equating to €27,000 for the first acquisition and €15,000 for any subsequent acquisitions.
Following a decision to mine any project acquired under the agreement, the company would pay a further €100,000 cash and €200,000 in Power Metal shares.
Power Metal will have access to Mr Knopf’s services and his Togo-based business partner and senior geologist.
Chief executive Paul Johnson added that the Togo opportunity complemented the company’s existing uranium interests in the Athabasca Basin in Canada, and the Selta project in Australia.
“At Power Metal we see an opportunity to further build our uranium profile.
“This will be accomplished by undergoing exploration on our existing exploration portfolio, the acquisition of additional interests, as well as through investment holdings in new uranium focused entities that we can help to create.”
Power Metal is finalising next stage exploration plans at Athabasca and is also due to release a commissioned a NI-43-101 technical report on the Reitenbach property.
A review is also underway at the uranium-rare earth element-lithium Selta property to determine the next stages for uranium-focused exploration.