Tag Archives: Victoria Vein

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

Silver Peak 2021 Drill Programme Collar Table

*  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:

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

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update on the ongoing 2021 Phase I diamond drilling exploration programme on the Silver Peak Project (“Silver Peak” or the “Project”) located in British Columbia, Canada.

Silver Peak includes the Eureka-Victoria Silver Mine which is covered by the first ever Crown-granted mineral claim within the Province.

The Project is located on Silver Peak Mountain which is 6km south of the TransCanada Highway and the town of Hope, British Columbia.

The Project and the historic mine workings are accessed via multiple well-maintained and recently upgraded mining/logging access roads which connect to the TransCanada Highway.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“Excellent progress has been made thus far in the 2021 diamond drilling at Silver Peak with 12 holes now completed, high core recovery and evidence that the drill core is extremely oxidised.

Heavily oxidised core was the characteristic of samples previously tested which delivered the bonanza grade silver results from the due diligence channel sampling undertaken last summer.

The data collected from this programme will provide valuable information on the Project which will be critical as we prepare for our planned Phase II deep drilling programme targeted for late summer 2021.” 

HIGHLIGHTS:

·    25 diamond drill holes are now planned, and to date 12 holes have been successfully cored and completed. Drilling is currently progressing on the 13^th hole.

·    The 25 hole programme is planned from individual drill sites, with some sites having two holes per site drilled at 55° and 75°, respectively. These will provide two vein intersections at different orientations, giving the Company important structural information on the Victoria Vein.

·    The Victoria Vein has been intersected in all holes drilled to date.

·    Based on visual inspection of core box photographs Power Metal has received, and from reports provided by the drilling team, the drill core obtained from the Victoria Vein is extremely oxidized, similar to outcrops of the Victoria Vein found within the upper and lower portals on the Project, including due diligence samples collected by Power in 2020 which returned 0.50m of 14,937g/t Silver (480 troy Ag oz/tonne), 3.05% Cu and 11.95% Pb.

·    The Shaw and Hilti portable drills being utilised for the Phase I drill programme have provided excellent core recoveries through the Victoria Vein thus far, averaging 90% across all holes (minimal loss noted in one of the holes, where recoveries of 80% were logged).

·    The Phase I drilling is expected to be completed by mid-August.

The Company looks forward to providing further updates when the ongoing Phase I drilling is completed, and once the drill core sample assay results have been received and interpreted by Power Metal’s technical team.  

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 has 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:

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development 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 principle 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.

Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development announces the recommencement of the 2020 diamond drilling exploration programme at the Silver Peak Project (“Silver Peak” or the “Project”) located in British Columbia, Canada. The Project includes the Eureka-Victoria Silver Mine which is covered by the first ever Crown-granted mineral claim within the Province.

The Project is located on Silver Peak Mountain, which is 6km south of the TransCanada Highway and the town of Hope, British Columbia. The Project and the historic mine workings are accessed via recently upgraded mine access roads which connect to the TransCanada Highway.

HIGHLIGHTS:

· Due diligence sampling completed summer 2020 by Power Metal, testing the Victoria Vein from the Upper Portal, returned bonanza silver (Ag) with significant copper (Cu) and lead (Pb) credits from two surface channel samples including:

–  0.50m of 10,718g/t silver (345 troy Ag oz/tonne), 2.14% Cu, and 2.99% Pb and;

–  0.50m of 14,937g/t silver (480 troy Ag oz/tonne), 3.05% Cu and 11.95% Pb.

· A follow up diamond drilling programme commenced in late 2020 however inclement weather conditions led to a significant curtailment of the programme.  The programme was designed to test the extension of selected due diligence channel sample intercepts along strike and at depth. The highlight result from that programme was 0.31m of 5,270 g/t Ag (169.5 troy oz/t).

· Diamond drilling has now recommenced, utilising a portable electric drive Shaw drill, to test for the extensions of the Victoria Vein along strike and down dip. Current planned programme entails shallow drilling of approximately 20 holes of circa 10 metre depth targeting high-grade vein intersections (the “Phase I programme”).

· Following receipt of the Phase I drilling results, the planned next exploration step is a Phase II programme which will include mapping and prospecting, as well as the Project’s first ever deep diamond drilling of >100 metre depth per hole planned to assess the vertical extent and geological controls on the bonanza silver mineralisation at depth.

· The Company will update the market with further progress from the ongoing Phase I programme, including drilling results from the holes completed once they have been compiled, assayed, and interpreted by Power Metal personnel.

· Power Metal holds a 30% interest in the Silver Peak Project and the costs of the Phase I programme have been previously paid in full as outlined in our Project Commercial Update in March 2021 a link to which is provided below.

· Work continues with regard to the planned initial public offering (“IPO”) for Silver Peak as previously announced.  However, the Company notes that commercial interest has also been shown in the project from third parties with regard to outright acquisition.  Discussions continue in this regard.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“It is great to be back exploring and drilling at the high-grade Silver Peak project. 

The bonanza silver grades of up to 480 troy silver ounce per tonne over 0.5m identified during the summer 2020 sampling programme were exceptional, and the follow up diamond drilling in late 2020, although curtailed, managed to confirm 169.5 oz troy silver per tonne over 0.31m in one assay.

With the diamond drilling programme announced today, we are targeting 20 individual high-grade vein intersections and very much looking forward to the findings.

The exploration work, especially drilling, can add considerable value to the project and as a result we are pushing on with our Phase I programme whilst also carefully managing commercial developments in respect to the Project.”

POWER METAL INTEREST

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 programme 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:

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking large scale metal discoveries.

The Company has a global portfolio of project interests 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.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.