Shares in Power Metal Resources (LSE:POW) are up 33% since the start of the month. An RNS out on 21 April will do little to dampen enthusiasm as the London precious metals explorer announces it is expanding its Alamo gold project in Arizona.
Power Metal has has a run of positive market reports in the last month, helping the share price to hit 0.35p.
CEO Paul Johnson informed the market back in February that near surface gold nuggets had been found at the 340-acre project. It is 100% owned by US gold explorer Frisco Gold Corporation.
Prices for the yellow metal broke eight-year highs against the dollar recently. As a result, UK-listed junior miners have benefited from stronger daily trading volume.
Additional claims to significantly expand the footprint of the Alamo project have now been completed, Johnson said.
The new zone covers a gold prospective area identified in a recent due diligence site visit.
Johnson added that a “window of opportunity” had emerged to build a larger gold portfolio around Alamo.
“We are increasingly aware of additional US gold exploration opportunities,” he said.
Access to these openings have come about because Power Metal’s US contacts have put new potential projects in play, and also because the industry is facing challenging market conditions.