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Power Metal spin-up in the Goldfields

10 January 2023 10:55
LON: POW

After a well-deserved Christmas break, Power Metal Resources have once again fired up the rig over the historical Berringa Gold Mine at its JV holdings in Victoria’s legendary Goldfields region.

Drilling recommenced on the 3rd of January over the Birthday South target, reaching a depth of 167 metres last Thursday and expected to hit a target depth of 420 metres by completion.

Birthday South is one of Power’s most enticing targets over the Berringa Mine, having shown consistent mineralisation hosted within a quartz lode titled the Birthday Reef, with mineralisation at South Birthday remaining open to the south, drilling will test for a southern plunge of mineralisation.

Alongside spinning up the drill once again, Power has also been granted three further exploration licences in the goldfields totalling 29 square kilometres of land and bordering a number of exciting gold projects, including the Ballarat Gold Mine which has produced over 293 thousand ounces of high-grade gold historically.

The licenses include 3km of Crown land within the Dereel Project, host to the historical high-grade Golden Reef gold mine which was active at the turn of the century, with the JV taking 24 rock-chip samples from the Dereel Project determining grades up to 229/t gold.

The company said work across the JV is continuing at pace and that it expects to provide updates in the near future.

“Diamond drilling at the historic Berringa Gold Mine has efficiently recommenced after the Christmas break and the first hole is progressing well,” Chief Executive Paul Johnson said.

“In other positive news, we can announce the grant of 3 further licence applications as well as rock sampling results from the Dereel Project which returned extensive gold mineralisation with a highlight result of 229g/t Au.”

POW’s London Stock Exchange-listed share price has risen 3.39 per cent today, currently trading at 1.53 British pence (10:22 am UTC+ 8 hours).

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