Canadian Silver Project – Bonanza Silver Grades from Due Diligence Sampling

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the assays results from the due diligence sampling programme at the Silver Peak Project (the “Silver Peak Project” or the “Project”) in British Columbia, Canada. The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.

HIGHLIGHTS:

  • Ten channel sample and one grab sample assay results received from ALS Canada laboratories for the recently completed due diligence sampling on the Victoria Vein at the Silver Peak Project (programme completion reported on 9 September 2020). Sampling was conducted by a contract geologist and was documented for Power Metal by photographs and video.
  • The purpose of the sampling was to validate historic reports of vein grade and the results received have satisfied Power Metal that historic data appears representative.
  • Bonanza silver (Ag) and significant copper (Cu) and lead (Pb) grades returned from two 0.5m long channel samples taken across the Victoria Vein;
    • SP-20-001: 0.50m @ 10,718 g/t Ag, 2.14 % Cu & 2.99 % Pb; and
    • SP-20-006: 0.50m @ 14,937 g/t Ag, 3.05 % Cu & 11.95 % Pb
  • Other standout channel sample assay results include:
    • SP20-005: 0.70m @ 7,880 g/t Ag, 1.64 % Cu & 3.16 % Pb; and
    • SP20-003: 0.50m @ 7,530 g/t Ag, 1.57 % Cu & 2.07 % Pb.
  • Average silver grade across all 11 samples >6,000g/t silver. Full results summary set out in Table 1 below.
  • Channel samples were cut across the width of the vein, perpendicular to the vein strike, using a petrol driven water cooled disk cutter, sample sites were selected where vein material was deemed to be representative of silver mineralisation;
    • Channel Samples SP-20-001 to 007 were taken as a series of parallel channel samples taken across the Victoria Vein over a circa 4m strike length; and
    • Channel samples SP-20-008 – 010 were taken as a series of parallel samples across the Victoria Vein at a point circa 16m along strike from samples 1-7. Grab sample SP-20-011 was taken at an intermediary point along the vein.

CHIEF EXECUTIVE OFFICER’S STATEMENT

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented
“We are very pleased to report the assay results from Power Metal’s recent due diligence sampling programme have confirmed the very high silver values historically reported on the Victoria vein, one of two main veins located at the Silver Peak Project in British Columbia, Canada.

Bonanza grades of silver with significant copper and lead have been confirmed by channel samples, assayed by ALS Global and these exciting results reinforce and confirm the historical reported assays and underpin Power Metal’s decision to progress with the project earn-in.

With preparations currently being made on site to further upgrade access for equipment, we look forward to providing details of the follow-on programme plans at Silver Peak shortly.”

ASSAY RESULTS AND FURTHER INFORMATION

A summary of certificated assay results with analytical method, for the eleven samples submitted to ALS Canada Ltd, and further information about the Silver Peak Project, can be seen in the full RNS release, which can be downloaded by clicking the link below.

Download the full RNS release (PDF)

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22 September 2020

 
 
 

Power Metal Resources plc
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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