Power Metal Resources (LSE:POW) continued its strong run of news on Wednesday with an exploration update from its silver project in British Columbia.
The firm, which has risen by more than 200% this year to above 1p, said it has successfully completed a due diligence programme over the Silver Peak project in British Columbia.
A total of 11 channel samples have been taken from exposed veins and open stopes at the Victoria section of the property’s historic Eureka-Victoria silver mine and submitted for assay testing.
Power Metal announced a 30-day option agreement for the Silver Peak mineral claims, which reside over a system of high-grade silver, lead, zinc, copper veins, last month.
If it exercises its option, it will secure a 30% interest in the property.
The company believes the property’s vein systems could boast a great deal of resource potential.
This is because they have never been formally assessed or drill tested at depth or along strike using modern mining.
Instead, the area’s long history of high-grade, surface silver mining in the late 19th and early 20th centuries was limited to the surface as a result of technical restrictions of the time.
As part of its initial work, which cost around £14,500, Power Metal also completed “enhancement of road accessibility” to the exploration area and collated detailed photographic and video evidence of the project area.
The firm’s technical team will now review its findings and subsequent assay results before deciding whether to pursue the project further.
Chief executive Paul Johnson said: "We are pleased to report the completion of the sampling work on the Victoria vein, one of two main veins located at the Silver Peak Project in British Columbia, Canada.
“The exploration work focussed on representative sampling of vein exposures located in the cliffs and workings situated vertically above the Victoria adit of the Eureka-Victoria Silver Mine. The work was conducted by contract geologist and technicians in challenging conditions and was documented by photographs, video and drone footage. A selection of these images and videos are being made available on the Power Metal website."
Author: Daniel Flynn
The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
MiningMaven Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.
MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.
MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance