MUSCAT: A mining exploration company based in the UK has reported the discovery of new copper mineralization in Block 8, located in the North Al Batinah Governorate. This finding indicates the potential for a significant deposit, which could enhance Oman’s growing status as a producer and exporter of this strategically vital resource.
In a filing on Thursday, London-listed Power Metal Resources PLC announced that its majority-owned subsidiary, Power Arabia Ltd, made this discovery as part of the Awtad Project, situated within a 498 km² concession approximately 130 km north of Muscat City.
Currently, the concession rights for the Block are held by a partnership between Australian exploration firm Alara Resources Ltd and Awtad Copper LLC from Oman. However, in September of the previous year, Power Metal entered into a provisional agreement with the joint venture to acquire a 12.5% stake in the Awtad Copper project.
“We are excited to provide an update on our ongoing exploration efforts at Block 8 in Oman, where our majority-owned subsidiary Power Arabia is achieving significant progress. Recent fieldwork has revealed new copper mineralization, underscoring the project’s potential as a central focus for Power Metal Resources,” stated the UK firm in a Thursday announcement.
Sean Wade, CEO of Power Metal Resources PLC, remarked: “We are actively exploring various options for a long-term funding solution for the Power Arabia business and anticipate providing updates to our shareholders in the near future.”
Exploration efforts undertaken by Power Arabia’s technical team during the final quarter of 2024 have yielded two noteworthy copper findings: 4.46 percent copper from an outcrop at the Al Maidar prospect and 1.75 percent copper from a malachite float sample in an area that had not been previously explored.
The company stated that the exploration activities conducted thus far on Block 8 have made remarkable progress in a relatively short timeframe, with the early detection of significant new copper mineralization in the southern region of the concession. The technical team is developing a comprehensive understanding of the geological framework and the factors influencing mineralization, and with the assistance of five Omani graduate geologists, Power Arabia is establishing a robust local team.
For Alara Resources of Australia, which holds interests in multiple copper mining projects in Oman, this recent discovery strengthens its investment portfolio in the Sultanate. "It is genuinely thrilling to uncover new sites of copper mineralization, which further boosts confidence in the previously identified Al Mansur prospect within the Block. Alara is dedicated to increasing its investment by ramping up exploration efforts in the block and looks forward to continuing our collaboration with Power Metals as they progress with this promising initiative," remarked Atmavireshwar Sthapak, Managing Director of Alara.
This announcement is particularly significant as it coincides with a marked increase in copper mining exploration, production, and export activities in Oman. Key players in this vital sector include Minerals Development Oman (MDO), the mining investment arm of the Oman Investment Authority (OIA); MDO subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
