Power Metal Resources plc has intersected the high-grade Victoria vein in all 12 diamond drill holes out of a planned 25-hole programme at the Silver Peak project in British Columbia, Canada.
Located on Silver Peak Mountain, the project includes the Eureka-Victoria silver mine which is covered by the first ever Crown-granted mineral claim within the province.
Power Metal holds a 30% interest in the project through a new Canadian company, which will hold a 100% interest in the property, and its partners hold the remaining 70%.
The process has started to list the holding company on a recognised stock exchange.
OXIDISATION
The Phase 1 programme is planned from individual drill sites, with some sites having two holes per site drilled at 55° and 75°.
Power Metal said these would provide two vein intersections at different orientations, giving the company important structural information on the Victoria vein.
The 12 holes have been cored and completed and drilling is currently progressing on the 13th hole.
“Based on visual inspection of core box photographs, and from reports provided by the drilling team, the drill core obtained from the Victoria vein is extremely oxidised, 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,” said a company statement
“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 junior miner expects complete Phase I drilling by mid-August.
Chief executive Paul Johnson said that data collected from the programme would provide valuable information for the company’s Phase II deep drilling due to start late summer 2021.