New copper deposits unearthed in Block 8 in North Al Batinah Governorate
London-listed Power Metal Resources PLC said in a filing on Thursday that its majority-held subsidiary, Power Arabia Ltd, made the find as part of the Awtad Project, located within the 498 km2 concession extending some 130km north of Muscat City.
The partnership of Australian exploration firm Alara Resources Ltd and Awtad Copper LLC of the Sultanate of Oman currently holds concession rights to the Block. However, in September last year, Power Metal signed a provisional agreement with the JV to acquire a 12.5 per stake in the Awtad Copper project.
'We're pleased to share an update on our ongoing exploration at Block 8 in Oman, where our majority-held subsidiary Power Arabia is making meaningful strides. Recent fieldwork has identified new copper mineralisation, reinforcing the project's potential as a key focus for Power Metal Resources,' the UK firm noted in a post on Thursday.
Sean Wade, CEO of Power Metal Resources plc, commented: 'We continue to explore multiple avenues for a long-term funding solution for the Power Arabia business and look forward to updating shareholders in due course."
Exploration work carried out by Power Arabia's technical team over the course of the last quarter of 2024 has led to two significant copper results: 4.46 per cent copper from an outcrop at the Al Maidar prospect, and 1.75 per cent copper from a malachite float sample in a previously unexplored area.
'The Company considers that the exploration work conducted to date on Block 8 has progressed extremely well in a short space of time, with the early identification of significant new copper mineralisation in the southern part of the concession. The technical team is building an excellent understanding of the geology and controls to mineralisation, and with the support to date of five Omani graduate geologists, Power Arabia is building a strong in-country team,' the company further noted.
For Australia's Alara Resources, which has interests in several copper mining projects in Oman, the latest find consolidates its investment portfolio in the Sultanate. 'It is truly exciting to see new locations of copper mineralisation being discovered, further enhancing confidence in the previously identified Al Mansur prospect in the Block. Alara is committed to investing further by intensifying exploration activities in the block and looks forward to continuing our cooperation with Power Metals as they advance this promising endeavour," Atmavireshwar Sthapak, Alara's Managing Director, added.
Significantly, the announcement comes amid a notable uptick in copper mining exploration, production, and export activities in Oman. Leading players in this key sector include Minerals Development Oman (MDO), the mining investment arm of Oman Investment Authority (OIA); MDO subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
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