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Power Metal Hit Golden Quartz

16 March 2023 09:38
LON: POW

Power Metal Resources have closed out its extensive drilling program at its Berringa Joint Venture in Victoria’s legendary goldfields strong, with the majority of holes drilled intersecting visible gold mineralisation and the final hole intersecting a significant quartz vein.

The drilling campaign was to test for along-strike and downdip extensions of the historical Berringa Gold Mine which produced 293,250 ounces of gold at an average grade of 8.3g/t, with the rig hitting three priority targets across the historical workings for 988 metres of drilling.

Power had already released information concerning the previous three holes which hit visible gold earlier this month, with intersections being logged at the Berringa Syndicate zone and South Birthday zone targets, all of which demonstrated the extension of the Berringa mineralised lode.

What is particularly exciting is the visible gold found within a thirty-metre-wide quartz vein in the final hole approximately 100 metres east of the main Berriga workings, indicating the likely existence of an eastern and parallel trend of gold mineralisation.

Most interestingly, due to ground conditions, the final drill hole was terminated at 158 metres while still within the quartz veining, indicating that the 30-metre-wide intersection remains open downhole.

The Company said it is now eagerly awaiting assay results which it expects to be returned later this month.

“I am delighted to confirm that drilling is now complete at Berringa. Importantly, 4 of 6 drill holes encountered visible gold including a significant 30-metre-wide mineralised quartz vein in the final hole completed – which remains open downhole,” Chief Executive Sean Wade said.

“It is also worth noting that at both Berringa as well as our 100%-owned Tati Gold Project located in Botswana, exploration is centred on extensions of previously producing gold mines. These, therefore, are brownfield and not greenfield targets, representing more advanced exploration opportunities than currently being recognised.”

POW’s London Stock Exchange-listed share price is currently trading at 0.93 British Pence (9.06 am UTC+ 8 hours).

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