TIDMPOW
RNS Number : 8741J
Power Metal Resources PLC
26 August 2021
26 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Canadian Silver Project - Diamond Drilling Complete
Phase I Diamond Drilling Programme Complete at the Silver Peak
Project in British Columbia, Targeting High-Grade Extensions of the
Victoria Vein
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces it has successfully
completed its 2021 Phase I diamond drilling exploration programme
on the Silver Peak Project ("Silver Peak" or the "Project") located
in British Columbia, Canada.
A total of 19 holes were completed as part of the Phase I
programme and all cores are being logged, catalogued and split by
independent geological consultants prior to being sent to ALS
Canada Ltd in Vancouver, British Columbia, for accredited
laboratory assay analysis.
Due to the steep terrain, the priority since the programme
completion has been the safe removal of the team, equipment and
drill cores from the Silver Peak Mountain; which were all completed
successfully. Further specific information will be provided shortly
in respect of the drill programme and the outcome of laboratory
assay testing once results have been received and compiled by Power
Metal personnel.
In addition, a new vehicle has been established "Silver Peak
Resources Ltd" into which the Project claims are to be transferred
in readiness for an anticipated public listing of the Project, or
to enable the acquisition of the Project by a third party should
there be interest in doing so.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The Phase I drill programme, designed to test for frequency and
extent of the high-grade silver mineralisation encountered in 2020,
is a key step forward for the Silver Peak Project and we look
forward to providing more technical information as well as assay
results in respect of the drill programme in the coming weeks.
Importantly the programme was conducted safely and the team have
now moved equipment and drill cores off the mountain for catalogue,
logging, and analysis. We are grateful to the field operational
team for a well executed programme which was completed on-time, and
on-budget.
On visual inspection the extremely oxidised core appears very
similar to that seen in samples collected during the summer 2020
channel sampling, w hich returned 0.50m of 14,937g/t Silver ("Ag")
(480 troy Ag oz/tonne), 3.05% Copper and 11.95% Lead.
We have been successful in intersecting the targeted Victoria
vein and clearly, look forward to receipt, analysis and publication
of the assay results."
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 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 company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal 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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