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Power Metal updates on Silver Peak drilling progress (POW)
Power Metal Resources (LSE:POW) has said that the drilling of its Silver Peak project in British Columbia, Canada, is on schedule to begin before the end of the week.
The firm plans to complete an initial 500m confirmatory diamond core drill programme at the historically-producing property to test the Victoria vein.
And in a Friday update, it announced that its drilling contractor has now mobilised the drilling rig, bulldozer and ancillary equipment from northern British Columbia to the local town of Hope where Silver Peak is based. The drilling rig and support equipment is from being moved from Hope up the valley to the first Silver Peak drill pad with a view to commencing diamond core drilling before Monday.
Paul Johnson Chief Executive Officer of Power Metal Resources added: "Following the logistics involved with shipping the drilling rig and equipment from northern British Columbia to the local town of Hope and finishing the final access from the road head to the drill pads, the team is mobilising up the valley and orientating the drill rig ready to commence the first hole during the course of today.
This is an exciting time for the Power Metal team and our partners as we launch our first silver focused drill programme. We are targeting the Victoria Vein where Power Metal due diligence sampling returned bonanza silver grades (up to 480 troy oz/tonne) with significant copper and lead grades. The information which will be secured from this drilling programme will be key to directing the next development steps for the project."
The Silver Peak Project consists of a portfolio of mineral claims over a system of high grade, intrusion related, polymetallic silver, lead, zince, and copper. The area also contains the historical Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.
Power Metal announced the exercise of an option agreement giving it the right to earn-in to a 30% interest in the Silver Peak project in September following a period of due diligence.
Author: Daniel Flynn
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