TIDMPOW
RNS Number : 2249S
Power Metal Resources PLC
12 November 2021
12 November 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Silver Peak Canada - Drill Programme Assay Results
Diamond Drill Programme Delivers 10 holes With Bonanza Silver
Grades, Including Highlight Intercept of 0.76m of 8,692.2g/t Ag
(279.5 oz/t) from DDH21-2
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
Hole ID From (m) To (m) Interval Ag (g/t) Ag (oz/t)
(m)
DDH21-1 0 0.9 0.9 3,998.2 128.6
--------- ------- --------- --------- ----------
Incl. 0 0.3 0.3 10,648.5 342.4
--------- ------- --------- --------- ----------
DDH21-2 0 0.76 0.76 8,692.2 279.5
--------- ------- --------- --------- ----------
Incl. 0 0.35 0.35 1,2373 397.8
--------- ------- --------- --------- ----------
DDH21-3 0 0.55 0.55 2,724.6 87.6
--------- ------- --------- --------- ----------
Incl. 0 0.15 0.15 9,470.0 304.5
--------- ------- --------- --------- ----------
DDH21-4 0 0.46 0.46 3,522.3 113.3
--------- ------- --------- --------- ----------
Incl. 0 0.2 0.2 7710.0 247.9
--------- ------- --------- --------- ----------
DDH21-5 0 0.38 0.38 1,199.4 38.6
--------- ------- --------- --------- ----------
Incl. 0 0.15 0.15 2,810.0 90.4
--------- ------- --------- --------- ----------
DDH21-6 0 0.84 0.84 78.9 2.5
--------- ------- --------- --------- ----------
DDH21-7 0 1.75 1.75 2,669.3 85.8
--------- ------- --------- --------- ----------
Incl. 1 1.25 0.25 17,015.5 547.1
--------- ------- --------- --------- ----------
DDH21-8 0 1.52 1.52 2,808.2 90.3
--------- ------- --------- --------- ----------
DDH21-9 No Significant Values
----------------------------------------------------
DDH21-10 No Significant Values
----------------------------------------------------
DDH21-11 No Significant Values
----------------------------------------------------
DDH21-12 4.26 6.7 2.44 1,060.0 34.1
--------- ------- --------- --------- ----------
Incl. 4.87 6.4 1.53 1,644.8 52.9
--------- ------- --------- --------- ----------
DDH21-13 3.66 6.09 2.43 1,631.5 52.5
--------- ------- --------- --------- ----------
Incl. 4.11 4.42 0.31 7,620.0 245.0
--------- ------- --------- --------- ----------
DDH21-14 No Significant Values
----------------------------------------------------
DDH21-15 6.55 9.14 2.59 1,437.6 46.2
--------- ------- --------- --------- ----------
DDH21-16 0.6 3.66 3.06 39.4 1.3
--------- ------- --------- --------- ----------
DDH21-17 No Significant Values
----------------------------------------------------
DDH21-18 2.59 3.35 0.76 280.9 9.0
--------- ------- --------- --------- ----------
Incl. 2.59 2.89 0.3 614.0 19.7
--------- ------- --------- --------- ----------
DDH21-19 3.2 3.43 0.23 276.0 8.9
--------- ------- --------- --------- ----------
Silver Peak 2021 Drill Programme Collar Table
Drill Dip Azimuth Hole Depth Northing* Easting*
hole ID (m)
DDH21-01 -85deg 325deg 2.95 5462567.8 611652.1
-------- --------- ----------- ---------- ---------
DDH21-02 -80deg 285deg 2.44 5462567.0 611652.0
-------- --------- ----------- ---------- ---------
DDH21-03 -63deg 285deg 2.13 5462567.5 611653.0
-------- --------- ----------- ---------- ---------
DDH21-04 +4deg 50deg 2.13 5462567.5 611654.0
-------- --------- ----------- ---------- ---------
DDH21-05 -22deg 25deg 1.07 5462567.8 611654.5
-------- --------- ----------- ---------- ---------
DDH21-06 -39deg 310deg 1.98 5462568.0 611655.0
-------- --------- ----------- ---------- ---------
DDH21-07 -88deg 260deg 2.90 5462568.0 611655.0
-------- --------- ----------- ---------- ---------
DDH21-08 -48deg 275deg 1.52 5462566.0 611649.0
-------- --------- ----------- ---------- ---------
DDH21-09 -82deg 70deg 5.49 5462565.0 611648.0
-------- --------- ----------- ---------- ---------
DDH21-10 -55deg 108deg 4.11 5462566.0 611649.0
-------- --------- ----------- ---------- ---------
DDH21-11 -53deg 180deg 0.91 5462564.0 611656.0
-------- --------- ----------- ---------- ---------
DDH21-12 -65deg 120deg 3.66 5462565.0 611647.5
-------- --------- ----------- ---------- ---------
DDH21-13 -50deg 100deg 7.16 5462565.0 611647.5
-------- --------- ----------- ---------- ---------
DDH21-14 -50deg 105deg 3.66 5462562.5 611647.5
-------- --------- ----------- ---------- ---------
DDH21-15 -60deg 105deg 9.45 5462562.5 611647.5
-------- --------- ----------- ---------- ---------
DDH21-16 -68deg 125deg 4.27 5462559.0 611654.0
-------- --------- ----------- ---------- ---------
DDH21-17 -50deg 125deg 3.05 5462559.0 611654.0
-------- --------- ----------- ---------- ---------
DDH21-18 -42deg 25deg 3.66 5462554.0 611654.0
-------- --------- ----------- ---------- ---------
DDH21-19 -40deg 40deg 3.96 5462554.0 611654.0
-------- --------- ----------- ---------- ---------
* 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:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
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 848km(2) of granted exploration licences
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