TIDMPOW
RNS Number : 2510U
Power Metal Resources PLC
01 December 2021
1 December 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Silver Peak Canada - Drill Programme Overlimit Assay Results
Overlimit Assay Results Produce High-Grade Copper, Antimony and
Lead; Highlight Result Now Includes 0.76m of 10,131g/t Silver
Equivalent*
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces overlimit assay results
from its recently completed 2021 diamond drilling exploration
programme on the Silver Peak Project ("Silver Peak" or the
"Project") located in British Columbia, Canada. The original silver
assay results for the 2021 drill programme were announced 12
November 2021 and can be viewed at the following link:
Silver Peak Canada - Drill Programme Assay Results - 08:53:44 12
Nov 2021 - POW News article | London Stock Exchange
Programme Highlights:
-- A total of 19 short cored drill holes were completed as part
of the Phase I programme and all drill core was logged, catalogued
and split by independent geological consultants prior to being sent
to ALS Canada Ltd in Vancouver, British Columbia, for accredited
laboratory assay analysis. The holes were undertaken utilising
either Shaw or Hilti portable drills producing 34mm diameter core
samples.
-- Overlimit assays were completed on all copper, antimony and
lead results which returned >10,000 ppm (1%) from the original
laboratory results. The overlimit reported herein include
individual results up to 7.76% copper (Cu), 9.45% lead (Pb), and
8.63% Antimony (Sb).
-- Updated highlight intercepts which are now calculated as
AgEq* and include Cu, Sb and Pb results (complete collar and assay
tables available at the bottom of this release):
o 0.9m of 4,649g/t AgEq from DDH21-1 (including 0.3m of
10,649g/t Ag, 2.28% Cu, 6.53% Sb, and 5.53% Pb)
o 0.76m of 10,131g/t AgEq from DDH21-2 (including 0.35m of
12,373g/t Ag, 3.44% Cu, 9.45% Sb, and 8.63% Pb)
o 1.75m 3,072g/t AgEq from DDH21-7 (including 0.25m of 17,016g/t
Ag, 4.10% Cu, 8.26% Sb, and 6.05% Pb)
o 1.52m of 3,244g/t AgEq from DDH21-8
o 2.44m of 1,306g/t AgEq from DDH21-12
o 2.43m of 2,068/t AgEq from DDH21-13
o 2.59m of 1,740/t AgEq from DDH21-15
-- The high-grade Cu, Sb and Pb results led to an average
increase in grade of 18.8% from Ag to AgEq for the calculated
intervals. Considering these extremely high Cu, Sb and Pb results,
the updated silver equivalent values further highlight the silver
rich nature of the veins on the Silver Peak Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The bonanza grade silver results from Silver Peak are further
strengthened today with the overlimit analysis demonstrating
significant copper, antimony and lead grades and increasing the
average silver equivalent grade considerably.
Overall, the results are highly impressive and demonstrate the
incredibly silver rich veins at Silver Peak. Without question this
is an important asset for Power Metal and our partners,
particularly in a world where high quality silver projects are hard
to secure."
Programme Data:
Silver Peak 2021 Drill Programme Assay Table
Hole ID From To Interval Ag (g/t) Cu (%) Sb (%) Pb AgEq*
(m) (m) (m) (%)
DDH21-1 0 0.9 0.9 3,998 1.24 2.54 1.89 4,649
----- ----- --------- --------- ------- ------- ----- -------
Incl. 0 0.3 0.3 10,649 2.28 6.53 5.53
----- ----- --------- --------- ------- ------- ----- -------
DDH21-2 0 0.76 0.76 8,692 2.24 5.82 5.15 10,131
----- ----- --------- --------- ------- ------- ----- -------
Incl. 0 0.35 0.35 12,373 3.44 8.63 9.45
----- ----- --------- --------- ------- ------- ----- -------
DDH21-3 0 0.55 0.55 2,725 0.9 1.87 0.72 3,182
----- ----- --------- --------- ------- ------- ----- -------
Incl. 0 0.15 0.15 9,470 2.14 6.49 2.51
----- ----- --------- --------- ------- ------- ----- -------
DDH21-4 0 0.46 0.46 3,522 1.23 2.24 0.33 4,072
----- ----- --------- --------- ------- ------- ----- -------
Incl. 0 0.2 0.2 7,710 1.98 4.74 0.71
----- ----- --------- --------- ------- ------- ----- -------
DDH21-5 0 0.38 0.38 1,199 0.63 0.56 0.12 1,380
----- ----- --------- --------- ------- ------- ----- -------
Incl. 0 0.15 0.15 2,810 0.71 1.17 0.19
----- ----- --------- --------- ------- ------- ----- -------
DDH21-6 0 0.84 0.84 79 0.08 0.17 0.01 93
----- ----- --------- --------- ------- ------- ----- -------
DDH21-7 0 1.75 1.75 2,669 1.18 1.31 0.88 3,072
----- ----- --------- --------- ------- ------- ----- -------
Incl. 1 1.25 0.25 17,016 4.1 8.26 6.05
----- ----- --------- --------- ------- ------- ----- -------
DDH21-8 0 1.52 1.52 2,808 1.37 1.49 0.18 3,244
----- ----- --------- --------- ------- ------- ----- -------
DDH21-9 No Significant Values
--------------------------------------------------------------------
DDH21-10 No Significant Values
--------------------------------------------------------------------
DDH21-11 No Significant Values
--------------------------------------------------------------------
DDH21-12 4.26 6.7 2.44 1,060 1.03 0.48 0.98 1,306
----- ----- --------- --------- ------- ------- ----- -------
DDH21-13 3.66 6.09 2.43 1,632 1.83 1.07 0.52 2,068
----- ----- --------- --------- ------- ------- ----- -------
Incl. 4.11 4.42 0.31 7,620 7.76 5.13 2.61
----- ----- --------- --------- ------- ------- ----- -------
DDH21-14 No Significant Values
--------------------------------------------------------------------
DDH21-15 6.55 9.14 2.59 1,438 1.19 0.84 0.15 1,740
----- ----- --------- --------- ------- ------- ----- -------
DDH21-16 0.6 3.66 3.06 39 0.03 0.02 0.04 48
----- ----- --------- --------- ------- ------- ----- -------
DDH21-17 No Significant Values
--------------------------------------------------------------------
DDH21-18 2.59 3.35 0.76 281 0.39 0.1 0.07 350
----- ----- --------- --------- ------- ------- ----- -------
DDH21-19 3.2 3.43 0.23 276 0.22 0.08 0.09 322
----- ----- --------- --------- ------- ------- ----- -------
* Silver equivalent ("AgEq") calculated using metal prices of
US$22.8/oz Ag ($332.5/lb), US$4.36/lb Cu (ratio 0.0131), US$5.6/lb
Sb (ratio 0.0168), and US$1.06/lb Pb (ratio 0.0032).
AgEq= Ag + (0.0131Cu) + (0.0168Sb) + (0.0032Pb)
Silver Peak 2021 Drill Programme Collar Table
Drill Dip Azimuth Hole Depth Northing** Easting**
hole ID (m)
DDH21-01 -85deg 325deg 2.95 5462567.8 611652.1
-------- --------- ----------- ----------- ----------
DDH21-02 -80deg 285deg 2.44 5462567.0 611652.0
-------- --------- ----------- ----------- ----------
DDH21-03 -63deg 285deg 2.13 5462567.5 611653.0
-------- --------- ----------- ----------- ----------
DDH21-04 +4deg 50deg 2.13 5462567.5 611654.0
-------- --------- ----------- ----------- ----------
DDH21-05 -22deg 25deg 1.07 5462567.8 611654.5
-------- --------- ----------- ----------- ----------
DDH21-06 -39deg 310deg 1.98 5462568.0 611655.0
-------- --------- ----------- ----------- ----------
DDH21-07 -88deg 260deg 2.90 5462568.0 611655.0
-------- --------- ----------- ----------- ----------
DDH21-08 -48deg 275deg 1.52 5462566.0 611649.0
-------- --------- ----------- ----------- ----------
DDH21-09 -82deg 70deg 5.49 5462565.0 611648.0
-------- --------- ----------- ----------- ----------
DDH21-10 -55deg 108deg 4.11 5462566.0 611649.0
-------- --------- ----------- ----------- ----------
DDH21-11 -53deg 180deg 0.91 5462564.0 611656.0
-------- --------- ----------- ----------- ----------
DDH21-12 -65deg 120deg 3.66 5462565.0 611647.5
-------- --------- ----------- ----------- ----------
DDH21-13 -50deg 100deg 7.16 5462565.0 611647.5
-------- --------- ----------- ----------- ----------
DDH21-14 -50deg 105deg 3.66 5462562.5 611647.5
-------- --------- ----------- ----------- ----------
DDH21-15 -60deg 105deg 9.45 5462562.5 611647.5
-------- --------- ----------- ----------- ----------
DDH21-16 -68deg 125deg 4.27 5462559.0 611654.0
-------- --------- ----------- ----------- ----------
DDH21-17 -50deg 125deg 3.05 5462559.0 611654.0
-------- --------- ----------- ----------- ----------
DDH21-18 -42deg 25deg 3.66 5462554.0 611654.0
-------- --------- ----------- ----------- ----------
DDH21-19 -40deg 40deg 3.96 5462554.0 611654.0
-------- --------- ----------- ----------- ----------
** Projection: UTM Zone 10 North NAD83
Property Ownership
The original agreement in respect to the Silver Peak Project was
announced 14 September 2020 and may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-option-exercised/14685210
Due to the positive results achieved during the due diligence
sampling and follow up 2020 work programmes, the Company announced
on 15 March 2021 that it had accelerated the earn-in on the Project
and now holds a 30% interest, the details of which may be viewed
through the following link:
https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-commercial-update/14899230
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM,
FGS), who is a qualified geologist and acts as the Competent Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Power Metal Resources PLC
to provide technical support. Mr O'Reilly consents to the inclusion
in this announcement of the matters based upon the information in
the form and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base and strategic metal exploration in North America,
Africa and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW % Work Completed Results Awaited
or Underway
Alamo Gold USA Earn-in Excavation of multiple Field results from
Project to 75% test pits and mapping on-site work programme.
& sampling.
---------- --------- -------------------------- -------------------------
Athabasca Canada 100% Phase I field exploration Laboratory assay
Uranium completed results of samples
collected for uranium
and REEs
---------- --------- -------------------------- -------------------------
Authier North Canada Earn-in Soil & rock sampling Laboratory assay
Lithium to 100% completed results of samples
collected
---------- --------- -------------------------- -------------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- --------- -------------------------- -------------------------
Kalahari Copper Botswana 50% Exploration programme Field programme
Belt underway across findings and defined
the South Ghanzi drill targets for
Project and further near term drilling
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- --------- -------------------------- -------------------------
Molopo Farms Botswana 53% Kavango Option Results from various
to acquire an interest work activities
in local project underway as part
holding company. of the Kavango
Option fee payable Option
through defined
work programme
---------- --------- -------------------------- -------------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- --------- -------------------------- -------------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill targets for
licences near term drilling
---------- --------- -------------------------- -------------------------
Wallal Gold/Copper Australia 83.33% Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed
---------- --------- -------------------------- -------------------------
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