Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce drilling has commenced at the Silver Peak silver project (the “Silver Peak Project” or the “Project”) in British Columbia, Canada.
CHIEF EXECUTIVE OFFICER’S STATEMENT
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented
“I am extremely pleased to announce the commencement of drilling at the Silver Peak project enabling us to secure sample core for laboratory assay testing and complimenting the work undertaken to date including the summer channel sampling which produced bonanza silver grades and significant copper and lead grades.
As you will see below the original drilling plan had to be altered, and we have implemented a different approach using equipment appropriate to the new circumstances. I thank our partners for their quick thinking adaptability that has enabled a revised drill programme to be implemented.
Given the significant results from the sampling programme we conducted recently we are obviously eager to see the assay results from this drilling programme.”
· On 22 October 2020 Power Metal announced the signing of the drilling contract for an initial 500m confirmatory diamond core drill programme to test the Victoria Vein at the Silver Peak Project. The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.
· On 30 October 2020 Power Metal announced that the drilling contractor had mobilised the drilling rig, bulldozer and ancillary equipment from northern British Columbia to the local town of Hope where the Silver Peak Project is based and then the planned movement of the drilling rig and support equipment from Hope up the valley, on the upgraded access, to the project and the first drilling pad.
· The mobilisation was attempted but the area had experienced significant poor weather recently which caused a degradation in conditions at the project and limited access to the property. Some of the impacts were dealt with, including the removal of fallen trees, however given the size of the rig and supporting equipment and the conditions encountered it was not considered safe to proceed with the original plan of moving the larger rig up onto the drilling pad.
· Rather than not proceeding and delaying the drill programme entirely Power Metal’s local partners secured smaller man-portable drill equipment and this, together with associated support equipment has been installed at the Project and the team have now commenced drilling.
· The portable core drill being utilised produces a 48mm core (of similar size to that originally intended from the larger rig) and will be used to test multiple targets initially focused on the top of the lower Victoria portal.
· The local team are aiming to drill test at least twenty vein intersections in a 6 to 8-day programme dependent particularly on weather conditions in the Project area.
· Hole depth is expected to be circa 6m (20 feet) as the smaller drill enables collaring to be undertaken close to the vein.
· As such, the total drill programme is now aiming to complete approximately 120m of drilling rather that the proposed 500m of diamond core drilling as announced on 22 October 2020, with a significant consequent reduction in programme cost.
· If successfully completed as outlined the drill programme will provide core from more locations across the property than the original programme would have provided.
· The grade of each core sample will be tested using a handheld X-ray Fluorescence (“XRF”) unit to get an estimate of silver grades prior to assay testing at an accredited local laboratory.
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.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
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
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. 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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