Power Metal Resources (LON: POW) shares are creping higher Friday after the company said it has encountered high-grade silver mineralisation from its diamond drilling exploration programme at the Silver Peak Project located in British Columbia, Canada.
Power Metals said 10 out of the 19 holes drilled returned “bonanza” grade silver with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returned elevated silver mineralisation.
According to the company, the results represent some of the best silver results achieved from the Silver Peak Project to date.
Paul Johnson, CEO of Power Metal Resources, commented: “The Phase I drill programme, was designed to test for frequency and extent of the high-grade silver mineralisation encountered in 2020, and has been a great success.
“Our original decision to invest in the Silver Peak Project has been fully validated by each stage of exploration work and the bonanza silver grades, including a highlight intercept of 0.76m of 8,692.2g/t Ag, confirmed today represent the biggest step forward for the Project to date.
“We now move to review the findings in further detail to determine next steps from both exploration and corporate perspectives.”
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