TIDMPOW
RNS Number : 5873G
Power Metal Resources PLC
27 July 2021
27 July 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Canadian Silver Project - Diamond Drill Programme Underway
Diamond Drill Programme Recommenced at the Silver Peak Project
in British Columbia, Canada, Targeting High-Grade Silver Extensions
of the Victoria Vein
Power Metal Resources PLC (LON:POW) a AIM listed metals
exploration and development announces the recommencement of the
2020 diamond drilling exploration programme at the Silver Peak
Project ("Silver Peak" or the "Project") located in British
Columbia, Canada. The Project includes the Eureka-Victoria Silver
Mine which is covered by the first ever Crown-granted mineral claim
within the Province.
The Project is located on Silver Peak Mountain, which is 6km
south of the TransCanada Highway and the town of Hope, British
Columbia. The Project and the historic mine workings are accessed
via recently upgraded mine access roads which connect to the
TransCanada Highway.
HIGHLIGHTS:
-- Due diligence sampling completed summer 2020 by Power Metal,
testing the Victoria Vein from the Upper Portal, returned bonanza
silver (Ag) with significant copper (Cu) and lead (Pb) credits from
two surface channel samples including:
- 0.50m of 10,718g/t silver (345 troy Ag oz/tonne), 2.14% Cu, and 2.99% Pb and;
- 0.50m of 14,937g/t silver (480 troy Ag oz/tonne), 3.05% Cu and 11.95% Pb.
-- A follow up diamond drilling programme commenced in late 2020
however inclement weather conditions led to a significant
curtailment of the programme. The programme was designed to test
the extension of selected due diligence channel sample intercepts
along strike and at depth. The highlight result from that programme
was 0.31m of 5,270 g/t Ag (169.5 troy oz/t).
-- Diamond drilling has now recommenced, utilising a portable
electric drive Shaw drill, to test for the extensions of the
Victoria Vein along strike and down dip. Current planned programme
entails shallow drilling of approximately 20 holes of circa 10
metre depth targeting high-grade vein intersections (the "Phase I
programme").
-- Following receipt of the Phase I drilling results, the
planned next exploration step is a Phase II programme which will
include mapping and prospecting, as well as the Project's first
ever deep diamond drilling of >100 metre depth per hole planned
to assess the vertical extent and geological controls on the
bonanza silver mineralisation at depth.
-- The Company will update the market with further progress from
the ongoing Phase I programme, including drilling results from the
holes completed once they have been compiled, assayed, and
interpreted by Power Metal personnel.
-- Power Metal holds a 30% interest in the Silver Peak Project
and the costs of the Phase I programme have been previously paid in
full as outlined in our Project Commercial Update in March 2021 a
link to which is provided below.
-- Work continues with regard to the planned initial public
offering ("IPO") for Silver Peak as previously announced. However,
the Company notes that commercial interest has also been shown in
the project from third parties with regard to outright acquisition.
Discussions continue in this regard.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"It is great to be back exploring and drilling at the high-grade
Silver Peak project.
The bonanza silver grades of up to 480 troy silver ounce per
tonne over 0.5m identified during the summer 2020 sampling
programme were exceptional, and the follow up diamond drilling in
late 2020, although curtailed, managed to confirm 169.5 oz troy
silver per tonne over 0.31m in one assay.
With the diamond drilling programme announced today, we are
targeting 20 individual high-grade vein intersections and very much
looking forward to the findings.
The exploration work, especially drilling, can add considerable
value to the project and as a result we are pushing on with our
Phase I programme whilst also carefully managing commercial
developments in respect to the Project."
POWER METAL INTEREST
The original agreement in respect to the Silver Peak Project was
announced 14 September 2020 and may be viewed through the following
link:
Canadian Silver Project - Option Exercised - 13:30:02 14 Sep
2020 - POW News article | London Stock Exchange
Due to the positive results achieved during the due diligence
programme and follow up 2020 drilling programme, the Company
announced on 15 March 2021 that it had accelerated the earn-in on
the Project and now holds a 30% interest, the details of which may
be viewed through the following link:
Canadian Silver Project - Commercial Update - 07:00:07 15 Mar
2021 - POW News article | London Stock Exchange
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM,
FGS), who is a qualified geologist and acts as the Competent Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Power Metal Resources PLC
to provide technical support.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration and development company seeking large scale metal
discoveries.
The Company has a global portfolio of project interests
including precious and base metal exploration in North America,
Africa and Australia. Project interests range from early stage
greenfield exploration to later stage prospects currently subject
to drill programmes.
The Board and its team of advisors have expertise in project
generation, exploration and development and have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors wishing to gain exposure to
proactive global metals exploration.
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END
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