Last checked at 26 Aug 2021 08:45
26 August 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Canadian Silver Project - Diamond Drilling Complete
Phase I Diamond Drilling Programme Complete at the Silver Peak Project in British Columbia, Targeting High-Grade Extensions of the Victoria Vein
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces it has successfully completed its 2021 Phase I diamond drilling exploration programme on the Silver Peak Project ("Silver Peak" or the "Project") located in British Columbia, Canada.
A total of 19 holes were completed as part of the Phase I programme and all cores are being logged, catalogued and split by independent geological consultants prior to being sent to ALS Canada Ltd in Vancouver, British Columbia, for accredited laboratory assay analysis.
Due to the steep terrain, the priority since the programme completion has been the safe removal of the team, equipment and drill cores from the Silver Peak Mountain; which were all completed successfully. Further specific information will be provided shortly in respect of the drill programme and the outcome of laboratory assay testing once results have been received and compiled by Power Metal personnel.
In addition, a new vehicle has been established "Silver Peak Resources Ltd" into which the Project claims are to be transferred in readiness for an anticipated public listing of the Project, or to enable the acquisition of the Project by a third party should there be interest in doing so.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
"The Phase I drill programme, designed to test for frequency and extent of the high-grade silver mineralisation encountered in 2020, is a key step forward for the Silver Peak Project and we look forward to providing more technical information as well as assay results in respect of the drill programme in the coming weeks.
Importantly the programme was conducted safely and the team have now moved equipment and drill cores off the mountain for catalogue, logging, and analysis. We are grateful to the field operational team for a well executed programme which was completed on-time, and on-budget.
On visual inspection the extremely oxidised core appears very similar to that seen in samples collected during the summer 2020 channel sampling, which returned 0.50m of 14,937g/t Silver ("Ag") (480 troy Ag oz/tonne), 3.05% Copper and 11.95% Lead.
We have been successful in intersecting the targeted Victoria vein and clearly, look forward to receipt, analysis and publication of the assay results."
POWER METAL EARN-IN
The original agreement in respect to the Silver Peak Project was announced 14 September 2020 and may be viewed through the following link:
Canadian Silver Project - Option Exercised - 13:30:02 14 Sep 2020 - POW News article | London Stock Exchange
Due to the positive results achieved during the due diligence sampling and follow up 2020 drilling programme, the Company announced on 15 March 2021 that it had accelerated the earn-in on the Project and now holds a 30% interest, the details of which may be viewed through the following link:
Canadian Silver Project - Commercial Update - 07:00:07 15 Mar 2021 - POW News article | London Stock Exchange
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.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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 |
SP Angel Corporate Finance (Nomad and Joint Broker) | |
Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) | |
Nick Emerson | +44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) | |
David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious and base metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.