Power Metal Resources PLC (AIM:POW) said its New Ballarat Gold joint venture has paused drilling at the O'Loughlin's and Mt Bute prospects in Victoria to allow for the receipt of outstanding assays.
David Holden, NBGC’s exploration director, said “At the O'Loughlin's prospect have already encountered high-grade gold from the initial assays we have received - with assays from an additional three holes still pending.
“At the Mt Bute prospect, the anomalous molybdenum (Mo) and bismuth (Bi) results initially identified by XRF test work suggests the possibility of an intrusive-related component to mineralisation.”
NBGC is a joint venture between Power Metal (49.9%) and Red Rock Resources (50.1%).
“As we plan for a listing of the Victorian Goldfields interests, these initial drilling results combined with the progress of the important Daylesford exploration license towards grant, are important steps that will enable us to list NBGC with immediately prospective projects" Holden added.