FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Power Metal drill into the Goldfields

14 December 2022 13:18
LON: POW

Power Metal Resources are moving on its gold assets and kicked off a wide-spread diamond drilling campaign at the historic high-grade Berringa gold mine within its Victoria Goldfields joint venture

The rig fired up over Berringa for a thousand metres of drilling to test the extension of gold mineralisation over three priority targets: South Birthday, Berringa Syndicate and Kangaroo East.

The Birthday and South Birthday mines have the most consistent mineralisation, hosted within a laminated 1-2m quartz lode known as the Birthday Reef, and with mineralisation at South Birthday open to the south, planned drilling will test for a southerly plunge of the reef below historic workings.

Drilling at the Berringa Syndicate is planned to confirm the potential grade and tonnage of a resource within the Southland mine identified in the 1980s, targeting the mineralisation potential of the Kangaroo quartz reef.

At Kangaroo East, drilling will test for an along-strike extension of the previously uncovered laminated quartz reef known as Big Reef, with successful testing possibly leading to further opportunities of the lode across the entire Berringa goldfields.

Located in Victoria’s legendary Goldfields, Berringa has produced over 293 thousand ounces of high-grade gold and the company believes there may still be a significant gold endowment.

“This is a notable moment for our joint venture focused on the Victoria Goldfields of Australia with diamond drilling to test three priority targets at the historic Berringa Gold Mine,” chief executive Paul Johnson said.

“It is common for exploration companies to start from ground up with grassroots exploration. In our Victoria Goldfields JV, we are far further up the progress and value curve and are now drilling to test for the along strike and down dip extensions of previously mined out high-grade mineralised gold lodes.”

Power Metal have an expedited testing model in place, with a batch sampling process expected to deliver the first gold-focused assays early next year and are advancing discussions regarding processing at the nearby Ballarat gold mine should the JV develop an economic gold deposit.

POW’s London Stock Exchange-listed share price was trading at 1.48 British pence today (9.50 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This