Shares of Power Metal Resources PLC (LON: POW) surged 20% today after the company issued an update on the drilling operations at its Silver Peak project in Canada’s British Columbia province.
The company noted that adverse weather conditions had prevented it from accomplishing its initial drilling objectives but managed to drill several holes in high potential areas.
The company discovered very high-grade silver (5,270 g/t or 169.5 troy oz/t silver) in the Victoria Vein at a vertical elevation approximately 150m lower than the exceptionally high-grade channel sampling intersections from the summer due diligence programme (up to 14,937 g/t or 480 troy oz/t silver).
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Paul Johnson, the CEO of Power Metal Resources, commented: “Whilst we will still need to complete the previously planned programme as explained above and undertake deep diamond drilling to establish continuities within the high-grade zones between the two sampling areas, these preliminary results are very encouraging.”
Adding:
We are working with our partners to finalise the next stage ground operations, including the above diamond drilling, which we expect will commence following the Spring thaw around March/April. We will communicate the updated exploration plan early in the new year.”
Investors cheered the news leading to today’s rally in Power Metal Resources stock.
Power Metal share price
Today, power Metal shares surged 20% to trade at 3.0p having rallied from Thursday’s closing price of 2.5p.