TIDMPOW
RNS Number : 6255H
Power Metal Resources PLC
05 August 2021
5 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Canadian Silver Project - Phase I Diamond Drilling Programme
Update
Diamond Drilling Programme Continues at Pace at the Silver Peak
Project in British Columbia, Canada; High-grade Victoria Vein
Successfully Intersected in all Holes Completed.
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an update on the ongoing
2021 Phase I diamond drilling exploration programme on the Silver
Peak Project ("Silver Peak" or the "Project") located in British
Columbia, Canada.
Silver Peak 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
multiple well-maintained and recently upgraded mining/logging
access roads which connect to the TransCanada Highway.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"Excellent progress has been made thus far in the 2021 diamond
drilling at Silver Peak with 12 holes now completed, high core
recovery and evidence that the drill core is extremely
oxidised.
Heavily oxidised core was the characteristic of samples
previously tested which delivered the bonanza grade silver results
from the due diligence channel sampling undertaken last summer.
The data collected from this programme will provide valuable
information on the Project which will be critical as we prepare for
our planned Phase II deep drilling programme targeted for late
summer 2021."
HIGHLIGHTS:
-- 25 diamond drill holes are now planned, and to date 12 holes
have been successfully cored and completed. Drilling is currently
progressing on the 13(th) hole.
-- The 25 hole programme is planned from individual drill sites,
with some sites having two holes per site drilled at 55deg and
75deg, respectively. These will provide two vein intersections at
different orientations, giving the Company important structural
information on the Victoria Vein.
-- The Victoria Vein has been intersected in all holes drilled to date.
-- Based on visual inspection of core box photographs Power
Metal has received, and from reports provided by the drilling team,
the drill core obtained from the Victoria Vein is extremely
oxidized, similar to outcrops of the Victoria Vein found within the
upper and lower portals on the Project, including due diligence
samples collected by Power in 2020 which returned 0.50m of
14,937g/t Silver (480 troy Ag oz/tonne), 3.05% Cu and 11.95%
Pb.
-- The Shaw and Hilti portable drills being utilised for the
Phase I drill programme have provided excellent core recoveries
through the Victoria Vein thus far, averaging 90% across all holes
(minimal loss noted in one of the holes, where recoveries of 80%
were logged).
-- The Phase I drilling is expected to be completed by mid-August.
The Company looks forward to providing further updates when the
ongoing Phase I drilling is completed, and once the drill core
sample assay results have been received and interpreted by Power
Metal's technical team.
POWER METAL EARN-IN
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
sampling and follow up 2020 drilling programme, the Company
announced on 15 March 2021 that it has 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 Power Metal Resources plc (LON:POW) is
an AIM listed metals exploration company which finances and manages
global resource projects and is seeking large scale metal
discoveries.
The Company has a principle focus on opportunities offering
district scale potential across a global portfolio 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.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
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