It also announced that the project’s claims will be transferred into a new company – Silver Peak Resources Ltd – ahead of an anticipated public listing of the project, or to enable the acquisition of the project by a third party should there be any interest.
“The Phase I drill programme, designed to test for frequency and extent of the high-grade silver mineralisation encountered in 2020, is a key step forward for the Silver Peak project and we look forward to providing more technical information as well as assay results in respect of the drill programme in the coming weeks,” said chief executive Paul Johnson.
Due to the steep terrain, the priority since the programme completion has been the safe removal of the team, equipment and drill cores from the Silver Peak Mountain; which were all completed successfully, the company said.
Elsewhere, the company said a Phase II exploration programme had started on its gold-nickel properties in the Tati Greenstone Belt in Botswana.
The Phase II programme consists of ground-based magnetometer and radiometric geophysical surveys over selected soil anomalies as the company seeks to further refine high-priority targets ahead of the planned start of drilling in mid-September.
“We are planning to launch our first drill programme at the Tati Project next month, and this expedited geophysics programme will provide valuable information to further target the drilling activity,” said Johnson.
“Exploration at the Tati Project is moving very rapidly and we believe there is potential for significant nickel and gold discoveries within the project footprint.”
Power Metal exercised its option to acquire a 100% interest in the project in July.