Power Metal Resources PLC (AIM:POW) said a diamond drill programme has commenced at the historic Berringa Gold Mine held within the company's Victoria Goldfields joint venture (JV) in Australia.
The exploration company, which is seeking large-scale metal discoveries across its global project portfolio, said a diamond drill rig has been mobilised to the site and drilling has commenced at the historic former high-grade producing gold mine in the Victoria Goldfields.
The company said 1,000 metres of diamond drilling is planned with an estimated five drill holes into three priority targets to test for the extensions of gold mineralisation in proximity of previously mined areas.
Expedited assay testing arrangements are in place with batch sampling process expected to deliver first gold-focused assay results in early 2023, it added.
In a statement, Paul Johnson, chief executive officer of Power Metal Resources commented: "This is a notable moment for our joint venture focused on the Victoria Goldfields of Australia with diamond drilling to test three priority targets at the historic Berringa Gold Mine.
"At Berringa there has been 293,250 ounces of historical high-grade gold production and we believe there may be a considerable remaining gold endowment which this drill programme is designed to partly investigate.
"It is common for exploration companies to start from ground up with grassroots exploration. In our Victoria Goldfields JV, we are far further up the progress and value curve and are now drilling to test for the along strike and down dip extensions of previously mined out high-grade mineralised gold lodes."
A video showing the planned drill programme can be viewed through the following link: https://www.youtube.com/watch?v=825WYdDVdyQ