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Power Metal Resources PLC (LON:POW) has announced the results of the revised man-portable drilling programme at Silver Peak conducted in November 2020.
The shares rose 8% to 2.7p after the exploration and development company said further high-grade silver was confirmed in the Victoria vein.
Rough weather conditions altered and curtailed the drilling programme and meant that the low number of samples collected would make it more difficult to establish any potential vein continuity as targeted.
Even with the curtailed programme, the company said it had “successfully delineated very high-grade silver”.
Drill hole SP2020-01 collared at the sub-vein west of the Lower Portal at an elevation of 1,634m intersected a rubbly vein zone between 1.52 metres (m) to 1.83m, which assayed 0.31m @ 5,270 grams per tonne (g/t) – or 169.5 troy ounces per tonne – silver.
The company said the intersection is very encouraging given it confirms high silver grades occur in the Victoria Vein system over at least 150m of vertical extent. Precious metal vein systems can often show a high degree of silver grade zonation in the vertical dimension, the company explained.
Five other holes were collared in close proximity to other branches of the vein system with lower silver (Ag) results (up to 7g/t Ag); however, these holes are considered inconclusive as core recovery was poor in these vein intersections due to the effects of near-surface vein weathering.
Chip samples from surface vein material and oxidised facture zones around the Lower Portal also returned lower silver values (up to 8.4g/t Ag) indicating a high degree of zonation in the vein mineralisation.
Tracing of the high-grade zones between the Upper Portal and Lower Portal will require further geological and structural mapping and mineralogical study in conjunction with the planned deep diamond drilling to assess the geological controls on the bonanza grade mineralisation.
“Whilst we will still need to complete the previously planned programme as explained above and undertake deep diamond drilling to establish continuities within the high-grade zones between the two sampling areas, these preliminary results are very encouraging,” said Paul Johnson, the chief executive officer at Power Metal.
“We are working with our partners to finalise the next stage ground operations, including the above diamond drilling, which we expect will commence following the Spring thaw around March/April,” he added.
#POW #RNS #Silver
???????????????????????????????? ???????????????????????? ???????????????????????????? ???????????????????????????????????????????? ????????????????????????@PowerMetRes is pleased to announce that it has successfully delineated very high-grade silver (5,270 g/t) or 169.5 troy oz/t at the Silver Peak Project https://t.co/EbT1ymfhVh pic.twitter.com/KbfgP3loqH— Power Metal Resources (@PowerMetRes) December 29, 2020
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