Power Metal Resources plc (LON:POW) has received a short extension on an option to increase its stake in the Haneti polymetallic project in Tanzania.

POW currently has a 25% stake but can increase this to 35% through the payment of £25,000 to partner Katoro Gold PLC (LON:KAT).

The original deadline date was 15 May, but this has been moved to 31 May due to approaches to Katoro from third parties over a partnership or farm-in.

This new date will give additional time to finalise a restructuring of the ownership of Haneti, said Power Metal.

Paul Johnson, Power Metal’s chief executive, added: “The Haneti Project is a substantial exploration project with multiple commodity targets across the land package and most notably the advanced nickel sulphide targets.

“It is no surprise to see interest in the project and it is very important for us to work with Katoro to ensure that the project ownership is appropriately structured.”