Power Metal Resources said it had completed 'initial' due diligence on the Alamo project in Nevada. The presence of gold nuggets was confirmed during a site visit by the company's chief executive and chairman. Additional exploration work was likely to include the acquisition of satellite remote sensing datasets, to obtain additional information on structure and alteration mapping. 'We are pleased with the progress made regarding our assessment of the Alamo project,' chief executive Paul Johnson said. 'The identification of a potential porphyry engine for the phenomena seen at surface is of particular interest.' 'In addition, we are encouraged by the confirmation of near-surface gold nuggets, through a very limited metal detecting exercise and the potential for a proximal bedrock gold source within the project area.' 'We now need to ensure that the claims package is complete and covers the prospective ground with a sufficient buffer and will undertake some additional work to ratify our assumptions to date.' 'We will discuss in greater detail the terms of a potential transaction upon conclusion of our due diligence.' At 9:16am: (LON:POW) share price was +0.05p at 0.4p
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