London-listed Power Metal Resources has recommenced diamond drilling for high-grade silver at its promising Silver Peak project in Canada.
The planned 20 or so shallow holes will target silver extensions from last year’s exploration at the project located just 6 kilometres south of the TransCanada Highway and British Columbia’s town of Hope, which includes the historic Eureka-Victoria Silver Mine nearby.
The company said “bonanza” grades of silver as high as nearly 15,000 grams per tonne along with rates over just over 3 per cent copper and just under 12pc lead had been recorded from two surface channel samples.
“It is great to be back exploring and drilling at the high-grade Silver Peak project,” chief executive Paul Johnson said.
“The bonanza silver grades of up to 480 troy silver ounce per tonne over 0.5m identified during the summer 2020 sampling programme were exceptional, and the follow-up diamond drilling in late 2020, although curtailed, managed to confirm 169.5 oz troy silver per tonne over 0.31m in one assay.
“With the diamond drilling programme announced today, we are targeting 20 individual high-grade vein intersections and very much looking forward to the findings.
“The exploration work, especially drilling, can add considerable value to the project, and as a result, we are pushing on with our Phase I programme whilst also carefully managing commercial developments in respect to the Project.”
Power Metals is already planning a Phase II programme that will include mapping and prospecting and the project’s first-ever deep diamond drilling of more than 100m depth to assess the vertical extent and geological controls on the bonanza silver mineralisation at depth.
The company’s London Stock Exchange-listed shares had risen 2.05 per cent, trading at 1.99 British Pounds at 9.54GMT +8 hours.