(Alliance News) - Power Metal Resources PLC on Tuesday said a due diligence exploration programme at the Silver Peak silver project in Canada has kicked off.
The work programme will total CAD25,000, about GBP14,512. Should Power Metal exercise an option to earn-in a 30% stake at the asset, the cost of the work programme will deducted from its CAD250,000 annual exploration spend.
"The work programme includes various elements but is centred on channel sampling at close intervals perpendicular to the existing known high-grade veins and grab samples from a main target area between the lower elevations and the Victoria Adit," the exploration firm explained.
"The work will also include enhancement of road accessibility to the exploration area, and the collation of detailed photographic and video evidence of the project area for cross referencing to existing project technical information."
Power Metal shares were down 1.2% at 1.21 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Power Metal (POW)