Power Metal Resources PLC (AIM:POW, FRA:2M5) gave a positive update on the ongoing exploration drilling programme on the Silver Peak project in British Columbia, Canada.
Twelve holes, out of a planned 25 diamond drill holes, have been completed and all have intercepted the high-grade Victoria Vein.
"Excellent progress has been made thus far in the 2021 diamond drilling at Silver Peak with 12 holes now completed, high core recovery and evidence that the drill core is extremely oxidised,” said chief executive Paul Johnson.
“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."
The Phase I drilling is expected to be completed by mid-August.
In March, Power Metal announced it had accelerated its earn-in to the Silver Peak project, giving it a 30% interest, and that it was mulling an initial public offering of the project..
The project and the historic mine workings are accessed via multiple well-maintained and recently upgraded mining/logging access roads which connect to the TransCanada Highway.