The Company has secured a right to earn in to a 30 interest in the Silver Peak Project located in southern British Columbia, Canada.
The Project consists of a portfolio of mineral claims over a system of high grade, intrusion related, polymetallic Ag Pb Zn Cu veins, part of the historical Eureka Victoria Silver Mine.
Originally discovered in the late 1800s, the Silver Peak mines reportedly exploited near surface oxide material ranging from 500 to 658 oz/ton silver. The underground mining via adits of the two main veins, varying in width from 1.5 to 6 m, continued on a small scale under various ownership until 1981.
Underground sampling in 2011 along the strike of the Victoria Vein is reported as returning a grade of 8,889 g/t Silver with a grab sample from the Victoria Vein face assayed at 15,517 g/t Ag, 4.3% Pb, 2.94% Cu and 2,756 ppm Bi1.
(1 Data as reported in the National Instrument 43-101 Technical Summary Report on the Eureka-Victoria Mine Property 10.3.13)
An initial drill programme in November 20202, delineated very high-grade silver (5,270 g/t or 169.5 troy oz/t silver per Table 1 below) in the Victoria Vein at a vertical elevation approximately 150m lower than the exceptionally high-grade channel sampling intersections from the summer due diligence programme (up to 14,937 g/t or 480 troy oz/t silver per Table 2 below).
Table 1: Silver Peak Portable Drill Sample Assay Results
Table 2: Summary of Assay Results for Power Metal Due Diligence Sampling on Victoria Vein, Silver Peak Project (as announced 22 September 2020)
Power Metal Resources continues working with our partners to finalise the next stage ground operations, including further extended diamond drilling, which the Company expects will commence following the Spring thaw around March/April 2021.
Project: Silver Peak Project
Target metals: Ag, Pb, Zn, Cu
Next step: continue technical review and launch next stage exploration