Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the signing of the drilling contract for an initial 500m diamond core confirmatory drill programme to test the Victoria Vein at the Silver Peak Project (the “Silver Peak Project” or the “Project”) in British Columbia, Canada.
The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.
· Drilling contract signed with an experienced Canadian drilling company for an initial 500m diamond core programme.
· Contractor is expected to mobilise within the next few days with a view to commencing drilling next week.
· Initial programme will entail drilling from two pads with planned core intercepts to test the Victoria Vein where POW due diligence sampling returned bonanza silver (Ag) and significant copper (Cu) and lead (Pb) grades from two 0.5m long surface channel samples as announced 22 September 2020 and as follows:
– 0.50m @ 10,718 g/t Ag (345 troy oz/tonne), 2.14 % Cu & 2.99 % Pb, and;
– 0.50m @ 14,937 g/t Ag (480 troy oz/tonne), 3.05 % Cu & 11.95 % Pb).
· Core drilling will employ a NQ size drilling bit, for a 48mm diameter core sample, with a winter capable track mounted rig operated on a double 12 hour shift basis.
· Drilling oversight, core logging and sampling will be conducted by an experienced independent geologist, with half core samples sent to an accredited independent laboratory for analysis.
· Programme is expected to be completed within a two week window prior to the onset of winter conditions. The rig will be supported by a bulldozer on site.
CHIEF EXECUTIVE OFFICER’S STATEMENT
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented
“I am very pleased to report the signing of the drilling contract for an initial diamond core programme at Silver Peak, where the recently announced channel sampling returned exceptionally high silver assays.
The team in-country are now focused on mobilisation and commencement of drilling and we are naturally eager to see the outcome of this programme, given the results we achieved from the sampling programme recently announced.
My thanks go to our partners in Canada who have worked incredibly hard to organise this programme and put us in a position to undertake this work prior to the weather window closing. The expeditious work undertaken has given us an opportunity to assess this unique high-grade silver project through drilling, far earlier than we initially thought possible.”
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