Power Metal Resources plc has restarted diamond drilling at the Silver Peak project 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 company conducted due diligence, testing the Victoria vein, during summer 2020 before heavy snowfall halted the drill programme in November 2020.
MINERALISATION
Diamond drilling has restarted with a portable electric drive Shaw drill to test for the extensions of the Victoria vein along strike and down dip.
The Phase 1 planned programme comprises shallow drilling of some 20 holes of 10 metre depth targeting high-grade vein intersections.
Once results have been received, Power Metal will start the Phase II programme which will include mapping and prospecting, as well as the project’s first ever deep diamond drilling of >100m depth per hole.
This aims to assess the vertical extent and geological controls on the bonanza silver mineralisation at depth.
2020 DUE DILIGENCE
Due diligence sampling during summer 2020 tested the Victoria vein from the upper portal and 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.
The follow-up diamond drilling in late 2020 had confirm 169.5 oz troy silver per tonne over 0.31m in one assay.
Power Metal chief executive Paul Johnson said that the exploration work could add considerable value to the project and that the company would also carefully manage commercial developments regarding the project.
SILVER PEAK
Power Metal holds a 30% interest in the Silver Peak project and the costs of the Phase I programme were previously paid in full.
The company said that progress continued on the planned initial public offering for Silver Peak but added that third parties had also shown commercial interest in the project regarding outright acquisition.
The project lies on Silver Peak Mountain, which is 6km south of the TransCanada Highway and the town of Hope, British Columbia.