Power Metal Resources plc said it would accelerate its gold exploration joint venture Red Rock Australasia Pty Ltd (RRAL) following findings in a new technical report.
JOINT VENTURE
RRAL is a joint venture company 49.9% owned by Power Metal and 50.1% by Red Rock Resources plc.
Power Metal chief executive Paul Johnson, and Red Rock Resources chairman Andrew Bell are directors of RRAL.
REPORT
An independent technical report concluded RRAL’s eight out of 12 licence applications targeting high-grade, orogenic gold mineralisation in the Victoria gold fields were worth further exploration.
SILVER PEAK SAMPLES
The news follows results from Power Metal’s interests in the Silver Peak project in Canada.
Bonanza silver and significant copper and lead grades were returned from two 0.5m long channel samples taken across the Victoria Vein in the Eureka-Victoria silver mine.
Assay results indicated 0.50 metres grading 10,718 grams per tonne silver, 2.14% copper, 2.99% lead; and 0.50 metres grading 14,937 grams silver, 3.05% copper and 11.95% lead.
The average silver grade across all 11 samples was reported as more than 6,000 g/t silver.