$PNPNF $PNPN.V Power Metallic Awarded Jabal Baudan Exploration License in Saudi Arabia's Jabal Sayid Belt
https://www.prnewswire.com/news-releases/powe...81904.html
TORONTO, June 16, 2025 /PRNewswire/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company"
(TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process.
Strategic Acquisition in a High-Potential Region
The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is recognized for its high prospectivity for copper, gold, and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid Mine and the promising Umm ad Damar deposit.
Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our 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."
Location and Geology
The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization.
Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas.
"The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory.
Exploration Enablement Program (EEP): A Collaborative Opportunity
The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration.
Commitment to Advancing Saudi Arabia's Mining Sector
Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner.
"Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property."
Next Steps
Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards.
https://www.prnewswire.com/news-releases/powe...81904.html
TORONTO, June 16, 2025 /PRNewswire/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company"
(TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Strategic Acquisition in a High-Potential Region
The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is recognized for its high prospectivity for copper, gold, and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid Mine and the promising Umm ad Damar deposit.
Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our 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."
Location and Geology
The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization.
Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas.
"The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory.
Exploration Enablement Program (EEP): A Collaborative Opportunity
The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration.
Commitment to Advancing Saudi Arabia's Mining Sector
Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner.
"Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property."
Next Steps
Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards.
