Power Metal Resources PLC (AIM:POW) chief executive Sean Wade said the results from the recent drilling campaign at the Berringa gold mine project in Victoria, Australia have renewed its intention to fund further exploration through an IPO.
This was the inaugural diamond drilling campaign at Berringa, which is part of the Victorian Goldfields joint venture with Red Rock Resources, returning to the historical Berringa mine.
Drilling successfully intersected the down dip and along strike extensions of previously mined Berringa gold mineralised quartz reefs and confirmed extensions of gold mineralised lodes within the main reef systems, with visible gold identified in four of the six holes drilled.
The final drill hole, BE23D006, intersected a more than 30-metre-wide quartz reef intersection approximately 100 metres east of the main Berringa line of workings. The hole was ended while still in mineralisation and so is open at depth.
Wade said it was "another good set of drill results, which clearly show us meeting our key objectives.
"We have added substantial value to the project through this programme, in particular a significant improvement in the structural understanding of Berringa.
"Nugget gold, whilst extremely exciting, is hard to establish with limited drilling and an enhanced programme will be needed to establish a reliable grade.
"It has long been our intention to fund such further exploration through an IPO, and this set of results allows us to set about that intention with renewed vigour."