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Power Metal Resources PLC has reported 'excellent progress' on its Phase 1 diamond drilling exploration programme on the Silver Peak project, with 12 holes now completed.
Silver Peak, located in British Columbia, Canada, includes the Eureka-Victoria Silver Mine which is covered by the first ever Crown-granted mineral claim within the Province.
The Project is located on Silver Peak Mountain which is 6km south of the TransCanada Highway and the town of Hope, British Columbia. The historic mine workings are accessed via multiple well-maintained and recently upgraded mining/logging access roads which connect to the TransCanada Highway.
A total of 25 diamond drill holes are planned for the project, with 12 holes have been successfully cored and completed, the company said. Drilling is currently progressing on the 13th hole.
The 25 hole programme is planned from individual drill sites, with some sites having two holes per site drilled at 55° and 75°, respectively. These will provide two vein intersections at different orientations, giving the Company important structural information on the Victoria Vein.
The Victoria Vein has been intersected in all holes drilled to date.
Paul Johnson, CEO of Power Metal Resources, said: 'Heavily oxidised core was the characteristic of samples previously tested which delivered the bonanza grade silver results from the due diligence channel sampling undertaken last summer.
'The data collected from this programme will provide valuable information on the Project which will be critical as we prepare for our planned Phase II deep drilling programme targeted for late summer 2021.'