Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update from the Blue Ribbon project, (“Blue Ribbon”, the “License” or the “Tenement”)
One of eleven license applications within its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“I am pleased to launch the first report from the review of historical exploration data, in this case in respect of the Blue Ribbon project.
Despite being one of the smaller projects, the historical review has highlighted some significant findings ranging across 70,000 ounces of historical gold production, gold nuggets up to 85 ounces and pre planned drill targets from earlier exploration work conducted by previous license holders.
We are particularly excited by this project, given the information provided below, and the prospect after license grant of the finalisation of drill targets.”
RRAL has commissioned historical reports and targeting assessments of its 11 license applications, and the first of these, for the Blue Ribbon license application (EL007285), has been received. The License is 5km north of the Ballarat East Mine.
In its announcement of 4th May 2020 the Company stated that detailed information and references for the license applications would be set out, once received, on the Company’s website, and the information below will shortly be posted there.
KEY POINTS FROM REPORT
·The historical records show reported historical production of 70,000 ounces of gold over 2km of the Deadhorse Lead within the Blue Ribbon project area, all in 19th century;
· Six gold nuggets between 10 and 85 ounces were recorded from the workings of the Ballarat Extension Company on the Blue Ribbon project area;
· The primary exploration target is the northern extension of the Ballarat West Goldfield, assumed to be the source of the palaeoplacer gold on the Tenement;
· Next exploration steps include finalisation of drill targets and implementation of a three hole, 1000m drill program, subject to license grant and local approvals;
· Blue Ribbon is now a priority project for RRAL.
The term “Lead” in the report below refers to a gold-bearing alluvial deposit in a terrace or stream bed; and a “Deep Lead” to ancient alluvial deposits buried below non-gold bearing strata.
The Company is preparing a detailed glossary of exploration terms which will be uploaded to a new Technical Library section on the powermetalresources.com website by the end of July 2020.
The report runs as follows:
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