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12 Nov 2021 08:53
12 November 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Silver Peak Canada - Drill Programme Assay Results
Diamond Drill Programme Delivers 10 holes With Bonanza Silver Grades, Including Highlight Intercept of 0.76m of 8,692.2g/t Ag (279.5 oz/t) from DDH21-2
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces results from its recently completed 2021 diamond drilling exploration programme on the Silver Peak Project ("Silver Peak" or the "Project") located in British Columbia, Canada.
Programme Highlights:
· A total of 19 short cored drill holes were completed as part of the Phase I programme and all drill core was 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. The holes were undertaken utilising either Shaw or Hilti portable drills producing 34mm diameter core samples.
· 10 out of the 19 holes drilled drilled returned bonanza grade silver (>1,000g/t Ag) with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returned elevated silver mineralisation.
· Highlight intercepts include (complete collar and assay tables available at the bottom of this release):
o 0.9m of 3,998.2g/t Ag (128.6 oz/t) from DDH21-1 (including 0.3m of 10,648.5g/t Ag)
o 0.76m of 8,692.2g/t Ag (279.5 oz/t) from DDH21-2 (including 0.35m of 12,373g/t Ag)
o 1.75m 2,669.3g/t Ag (85.8 oz/t) from DDH21-7 (including 0.25m of 17,015.5g/t Ag)
o 1.52m of 2,808.2g/t Ag (90.3 oz/t) from DDH21-8
o 2.44m of 1,060.0g/t Ag (34.1 oz/t) from DDH21-12 (including 1.53m of 1,644.8g/t Ag)
o 2.43m of 1,631.5g/t Ag (52.5 oz/t) from DDH21-13
o 2.59m of 1,437.6g/t Ag (46.2 oz/t) from DDH21-15
· The results represent some of the best silver results (grade and width) achieved from the Silver Peak Project to date.
· The bifurcating (splitting) nature of the vein system originally observed above the lower Victoria Portal was also observed in the 2021 drilling area, providing important structural information which will be critical for the planning of future drill programmes.
· Additional interpretation of results underway, including overlimit analysis of select elements which is being contemplated. Overlimit analysis is undertaken where the sample grade exceeded the detection limits for the assay test procedures implemented, which occurred for copper, lead, zinc and antimony in certain of the samples reported in this announcement.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
"The Phase I drill programme, was designed to test for frequency and extent of the high-grade silver mineralisation encountered in 2020, and has been a great success.
Our original decision to invest in the Silver Peak Project has been fully validated by each stage of exploration work and the bonanza silver grades, including a highlight intercept of 0.76m of 8,692.2g/t Ag, confirmed today represent the biggest step forward for the Project to date.
We now move to review the findings in further detail to determine next steps from both exploration and corporate perspectives."
Programme Data:
Silver Peak 2021 Drill Programme Assay Table
Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Ag (oz/t) |
DDH21-1 | 0 | 0.9 | 0.9 | 3,998.2 | 128.6 |
Incl. | 0 | 0.3 | 0.3 | 10,648.5 | 342.4 |
DDH21-2 | 0 | 0.76 | 0.76 | 8,692.2 | 279.5 |
Incl. | 0 | 0.35 | 0.35 | 1,2373 | 397.8 |
DDH21-3 | 0 | 0.55 | 0.55 | 2,724.6 | 87.6 |
Incl. | 0 | 0.15 | 0.15 | 9,470.0 | 304.5 |
DDH21-4 | 0 | 0.46 | 0.46 | 3,522.3 | 113.3 |
Incl. | 0 | 0.2 | 0.2 | 7710.0 | 247.9 |
DDH21-5 | 0 | 0.38 | 0.38 | 1,199.4 | 38.6 |
Incl. | 0 | 0.15 | 0.15 | 2,810.0 | 90.4 |
DDH21-6 | 0 | 0.84 | 0.84 | 78.9 | 2.5 |
DDH21-7 | 0 | 1.75 | 1.75 | 2,669.3 | 85.8 |
Incl. | 1 | 1.25 | 0.25 | 17,015.5 | 547.1 |
DDH21-8 | 0 | 1.52 | 1.52 | 2,808.2 | 90.3 |
DDH21-9 | No Significant Values | ||||
DDH21-10 | No Significant Values | ||||
DDH21-11 | No Significant Values | ||||
DDH21-12 | 4.26 | 6.7 | 2.44 | 1,060.0 | 34.1 |
Incl. | 4.87 | 6.4 | 1.53 | 1,644.8 | 52.9 |
DDH21-13 | 3.66 | 6.09 | 2.43 | 1,631.5 | 52.5 |
Incl. | 4.11 | 4.42 | 0.31 | 7,620.0 | 245.0 |
DDH21-14 | No Significant Values | ||||
DDH21-15 | 6.55 | 9.14 | 2.59 | 1,437.6 | 46.2 |
DDH21-16 | 0.6 | 3.66 | 3.06 | 39.4 | 1.3 |
DDH21-17 | No Significant Values | ||||
DDH21-18 | 2.59 | 3.35 | 0.76 | 280.9 | 9.0 |
Incl. | 2.59 | 2.89 | 0.3 | 614.0 | 19.7 |
DDH21-19 | 3.2 | 3.43 | 0.23 | 276.0 | 8.9 |
Silver Peak 2021 Drill Programme Collar Table
Drill hole ID | Dip | Azimuth | Hole Depth (m) | Northing* | Easting* |
DDH21-01 | -85° | 325° | 2.95 | 5462567.8 | 611652.1 |
DDH21-02 | -80° | 285° | 2.44 | 5462567.0 | 611652.0 |
DDH21-03 | -63° | 285° | 2.13 | 5462567.5 | 611653.0 |
DDH21-04 | +4° | 50° | 2.13 | 5462567.5 | 611654.0 |
DDH21-05 | -22° | 25° | 1.07 | 5462567.8 | 611654.5 |
DDH21-06 | -39° | 310° | 1.98 | 5462568.0 | 611655.0 |
DDH21-07 | -88° | 260° | 2.90 | 5462568.0 | 611655.0 |
DDH21-08 | -48° | 275° | 1.52 | 5462566.0 | 611649.0 |
DDH21-09 | -82° | 70° | 5.49 | 5462565.0 | 611648.0 |
DDH21-10 | -55° | 108° | 4.11 | 5462566.0 | 611649.0 |
DDH21-11 | -53° | 180° | 0.91 | 5462564.0 | 611656.0 |
DDH21-12 | -65° | 120° | 3.66 | 5462565.0 | 611647.5 |
DDH21-13 | -50° | 100° | 7.16 | 5462565.0 | 611647.5 |
DDH21-14 | -50° | 105° | 3.66 | 5462562.5 | 611647.5 |
DDH21-15 | -60° | 105° | 9.45 | 5462562.5 | 611647.5 |
DDH21-16 | -68° | 125° | 4.27 | 5462559.0 | 611654.0 |
DDH21-17 | -50° | 125° | 3.05 | 5462559.0 | 611654.0 |
DDH21-18 | -42° | 25° | 3.66 | 5462554.0 | 611654.0 |
DDH21-19 | -40° | 40° | 3.96 | 5462554.0 | 611654.0 |
* Projection: UTM Zone 10 North NAD83
Property Ownership
The original agreement in respect to the Silver Peak Project was announced 14 September 2020 and may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-option-exercised/14685210
Due to the positive results achieved during the due diligence sampling and follow up 2020 work programmes, 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:
https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-commercial-update/14899230
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 - Background
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, base and strategic 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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with results awaited or exploration underway:
- Authier North Lithium Project (Canada) - soil & rock sampling completed (laboratory assay results awaited)
- Athabasca Uranium (Canada) - Phase I exploration commenced and field results, together with laboratory assay testing of samples collected, awaited.
- Tati Gold/Nickel Project (Botswana) - reverse circulation drilling completed (field results, together laboratory assay results awaited)
- Molopo Farms Complex (Botswana) - further samples being tested for nickel sulphide and platinum group elements ("PGEs") from diamond drill programme completed (laboratory assay results awaited)
- Ditau Project (Botswana) - preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals
- Kalahari Copper Belt (Botswana) - results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas
- Wallal Gold/Copper Project (Australia) - geophysics results from 2D seismic processing and passive seismic awaited
- Victoria Goldfields (Australia) - results from ongoing exploration across 848km2 of granted exploration licences
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