MUSCAT, july 3
Power Metal Resources, a well-known UK based strategic metals exploration firm, says plans to establish a presence in mineral-rich Sultanate of Oman, as part of a wider foray into the Gulf region.
London-based Power Metal, which has a portfolio of project and investment interests in Africa, Australia and North America, announced in a statement on Monday that it has entered into a pact with Jasper Consult, a leading consultancy firm, for strategic advisory support as it seeks to build a new exploration asset base in the region, notably Oman and Saudi Arabia.
The AIM-listed company’s current project portfolio cover a commodity suite that include strategic and precious metals, such as Nickel, Lithium, Tungsten, Rare Earths, Platinum Group Elements, Graphite, Copper, Uranium, Gold and Silver. Many of these projects, distributed globally, are in the early green-field exploration stage.
The announcement comes against a strong upturn in investment interest in Oman’s strategic minerals sector. In March this year, UK-based miner Knights Bay secured concession rights to a massive 1,444 sq kilometer site in the Wilayat of Ibra, representing a new potentially world-class nickel laterite deposit with cobalt, chrome, and iron-ore credits.
More recently, the Ministry of Energy and Minerals tapped local mining firm ARA Natural Resources to unlock the lithium resources of a concession (51-C) in Al Dhahirah Governorate.
"I am very pleased to announce this new relationship with Jasper Consult, and very excited about the opportunity we have to establish a presence in both Saudi Arabia and Oman,” said Sean Wade, Chief Executive Officer of Power Metal Resources plc, in a statement. “By utilising the regional expertise of Jasper Consult, we hope to secure exploration licences and further crystallise value for shareholders.”
As part of its brief, Jasper Consult, which has offices in Dubai and London, will help identify relevant exploration and development opportunities, provide support in the negotiation of the award of exploration licences, and help secure strategic partners as Power Metal builds its presence in the region, the UK mining firm added.
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