Power Metal Resources plc has completed 10% of its 12.5% earn-in on the Block 8 copper exploration concession in northern Oman.
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The company spent US$500,000 on work including rock chip sampling, mapping and in-fill gravimetric geophysics surveys focused on “high priority” prospects, Al Maider and Al Mansur.
Power Metal said that both prospects had the potential to host “significant mineralisation”.
Results of rock chip sampling on Al Maider included copper of 7.84%, 4.7%, 2.8%, and 2.7% with “strong” correlation of copper with an “associated structural feature”.
At Al Mansur in the centre of Block 8, the gravity survey defined a new target of H2 located along strike to the northeast of the previously defined H1 target.
Power added it had defined at least three structural targets in the centre of Block 8 as well as a drilling target.
The next stage of fieldwork will cover several targets.
The company plans to send a further 145 Ionic leach geochemical samples for analysis and has submitted a full technical report to support renewal of the project’s licence.
Power Metal needs to spend an additional $240,000 to earn the remaining 2.5% under the October 2024 agreement to acquire the full 12.5%.
Block 8 is held by Alara Resources Ltd and Awtad Copper LLC.