Latest news with #AtmavireshwarSthapak
Observer
24-06-2025
- Business
- Observer
New high-grade copper prospect unveiled in Oman's Block 8
MUSCAT: A UK-based mining firm currently leading the exploration of mineral resources in Block 8 in Oman's North Al Batinah Governorate has announced the discovery of a promising new copper prospect, with rock sampling returning copper concentrations as high as 7.84%. Power Arabia Ltd, majority-owned by Power Metal Resources PLC — a London-listed exploration company with a global project portfolio — described the newly identified Al Maidar Prospect as a 'high prospectivity target.' This new discovery, along with the previously identified Al Mansur Prospect, underscores the Block's potential to host significant copper mineralization, company officials said. The Block is currently held by a joint venture between Australian exploration company Alara Resources Ltd and Oman-based Awtad Copper LLC. However, in October last year, Power Metal Resources signed a provisional agreement with the JV to acquire a 12.5% stake in Block 8. Under the terms of the deal, Power Metal committed to investing approximately $740,000 in exploration activities to earn this stake. 'Exploration work, including rock chip sampling, mapping, and in-fill gravimetric geophysical surveying, has focused on two high-priority prospects — the Al Maidar and Al Mansur Prospects — both of which have the potential to host significant mineralization,' Power Metal Resources said in a statement. Sean Wade, CEO of Power Metal Resources, commented: 'These results further underpin our confidence that these two key prospects have the potential to host significant mineralisation, whilst also demonstrating the wider potential for Block 8 to deliver value to stakeholders and shareholders.' Atmavireshwar Sthapak, Managing Director of Alara Resources, added: 'We are pleased with the encouraging results from recent exploration activities undertaken by our partners in the Block 8 exploration licence. The Al Mansur Prospect, originally discovered by Alara in 2012–13, continues to demonstrate strong potential and has now progressed to the drill-testing stage. The discovery of the new Al Maidar Prospect by Power Metal further highlights the broader potential of Block 8 to host additional copper mineralisation. Alara is committed to advancing the exploration of Block 8 and intends to increase its stake in the joint venture through continued investment alongside Power Metal.' According to Power Metal, rock chip sampling from the Al Maidar Prospect yielded copper concentrations of 7.84%, 4.7%, 2.8%, and 2.7%, showing a strong correlation with an associated structural feature. A full technical report has been submitted to the Ministry of Energy and Minerals in support of the project's licence renewal process. Copper mining and processing is now a significant activity within Oman's rapidly growing mining sector. Leading players in this field include Minerals Development Oman (MDO) — the mining investment arm of the Oman Investment Authority (OIA) — and its subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
Zawya
31-01-2025
- Business
- Zawya
New copper deposits unearthed in Block 8 in Oman's North Al Batinah Governorate
MUSCAT - A UK-based mining exploration firm says it has uncovered evidence of new copper mineralization in Block 8 in North Al Batinah Governorate. This signaling a potentially significant deposit is set to further augment Oman's burgeoning role as a producer and exporter of this strategically important commodity. 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. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
30-01-2025
- Business
- Observer
New copper deposits unearthed in Block 8 in North Al Batinah Governorate
MUSCAT: A UK-based mining exploration firm says it has uncovered evidence of new copper mineralization in Block 8 in North Al Batinah Governorate. This signaling a potentially significant deposit is set to further augment Oman's burgeoning role as a producer and exporter of this strategically important commodity. 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.
