Power Metal completes first phase of 2021 drilling at Silver Peak

Exploration company Power Metal Resources has successfully completed its 2021 first phase diamond drilling exploration programme on the Silver Peak Project in the Canadian province of British Columbia, it announced on Thursday.

The AIM-traded firm said a total of 19 holes were completed as part of the programme, with all cores now being logged, catalogued and split by independent geological consultants before being sent to ALS Canada in Vancouver for accredited laboratory assay analysis.

Due to the steep terrain, the priority since the programme completion had been the safe removal of the team, equipment and drill cores from the Silver Peak Mountain, which it said was all completed successfully.

Further specific information would be provided shortly in respect of the drill programme and the outcome of laboratory assay testing, once results were received and compiled by Power Metal personnel.

In addition, it said a new vehicle, ‘Silver Peak Resources’ had been established, into which the project claims would be transferred in readiness for an expected public listing of the project, or to enable the acquisition of the project by a third party, should there be interest in doing so.

“The phase one 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,” said chief executive officer Paul Johnson.

“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.”

Johnson said that on visual inspection, the “extremely oxidised” core appeared “very similar” to that seen in samples collected during the summer 2020 channel sampling, which returned 0.5 metres of 14,937 grams of silver per 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.”

At 1511 BST, shares in Power Metal Resources were up 4.59% at 1.94p.