Power Metallic marks entry in Saudi Arabia
Power Metallic (TSX-V:PNPN) has been awarded an exploration licence for the Jabal Baudan Project in Saudi Arabia’s Jabal Sayid mineralised belt.
The Jabal Baudan Project, encompassing over 200km2, is the largest of the seven exploration packages offered in the Jabal Sayid belt. The region is known for its massive volcanic sulphide deposits, including the Jabal Sayid Mine and the Umm ad Damar deposit.
Power Metallic says the milestone positions the company as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a bid in the prestigious licencing process.
CEO Terry Lynch says being awarded this licence marks a “pivotal step” in its strategy to expand its portfolio into one of the “world’s most promising mineral belts”.
“This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions,” Lynch says.
Power Metallic will begin exploration work at the project with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones.
The company will deploy cutting-edge exploration techniques to maximise the project’s potential while adhering to environmental and operational standards.
Jabal Baudan benefits from the support of the Kingdom of Saudi Arabia’s Exploration Enablement Program (EEP), which is a C$182 million ($205.27 million) initiative aimed at stimulating and de-risking mineral exploration investments in the country.
The EEP provides up to C$2 million per exploration licence, designed to foster knowledge exchange and mutual growth.
Power Metallic’s participation in the program will expedite its geological understanding of the project, enabling the company to prioritise high-potential zones for advanced exploration.
Power Metallic is a Canadian mineral explorer focused on a diverse range of minerals. The company owns the Nisk Project in Canada, which is considered prospective for nickel, copper, platinum group elements, gold, and silver.
Write to Aaliyah Rogan at Mining.com.au
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