LONDON (ShareCast) - (Sharecast News) - Exploration and development company Power Metal Resources updated the market on the Silver Peak Project in British Columbia, Canada on Wednesday, which includes the Eureka-Victoria Silver Mine - the first Crown-granted mineral property in the province.
The AIM-traded firm said the due diligence silver-focussed exploration programme, announced on 25 August, had been safely and successfully completed.

A total of 11 channel samples were taken from the Victoria vein faces exposed in the cliffs and open stopes located vertically above the Victoria adit.

Samples had been submitted to the accredited laboratory, ALS Global in Vancouver, for expedited assay testing, with results to follow.

The Power Metal technical team was now reviewing the exploration work and the initial findings, subject to the augmentation of findings with assay data.

Power Metal said a further update to the market would follow with due diligence findings and an option exercise decision in the near term, in line with the 30-day option period.

"We are pleased to report the completion of the sampling work on the Victoria vein, one of two main veins located at the Silver Peak Project in British Columbia," said chief executive officer Paul Johnson.

"The exploration work focussed on representative sampling of vein exposures located in the cliffs and workings situated vertically above the Victoria adit of the Eureka-Victoria Silver Mine.

"The work was conducted by contract geologist and technicians in challenging conditions and was documented by photographs, video and drone footage."

At 1326 BST, shares in Power Metal Resources were down 1.91% at 1.15p.

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