RNS - released!24 Nov 2020 16:03
Power Metal
Silver Peak - Exploration Update
RNS Number : 3745G
Power Metal Resources PLC
24 November 2020
24 November 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Silver Peak - Exploration Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an exploration update from 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:
"In what continues to be a highly active period at Power Metal Resources, I am pleased to announce the safe completion of a revised drill and sampling programme at the Silver Peak Project notwithstanding very challenging operating conditions as described below.
Our summer due diligence review at Silver Peak clearly highlighted the Project's potential, as validated by bonanza grade silver (including channel samples yielding up to 14,937 g/t Ag) and significant copper and lead we identified from our summer due diligence channel sampling programme.
We wanted to follow up expeditiously with further work before the weather window closed, gathering additional information to aid preparation for the Project's next stage of development. To do this we have worked closely with our partners to adapt very rapidly to changeable weather forecasts.
I would like to thank the exploration team for persevering despite the stormy conditions, followed up by snowfall, the heaviness of the latter bringing the work programme to an early conclusion.
The additional work undertaken by the team has added to our geological understanding of the silver mineralisation and we have secured samples which have now been delivered to the laboratory for assay testing.
Given the highly positive project data, reinforced by exploration to date, we are working closely with our partners to determine next steps for Silver Peak, from both exploration and corporate perspectives. There is palpable demand for high grade silver projects in the market at present."
SUMMARY OF REVISED DRILL AND SAMPLING PROGRAMME
· The team undertook a rock chip sampling programme at the Project and despite challenging weather conditions completed six diamond drill holes utilising man-portable drilling equipment to an average depth of 12 feet per hole.
· Forecast heavy snowfall, resulted in an early cessation of the programme and the team safely left the site, with all equipment and samples collected, before the snows fell.
· In total 10 diamond core samples were prepared for testing from the 6 holes drilled and 11 rock chip samples have been prepared from the field work and all samples have been delivered to ALS laboratory in North Vancouver, British Columbia for assay testing.
· During the programme vital information was collated on the nature of the bifurcating vein syst
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