Business
Victoria Goldfields Australia - Update
Victoria Goldfields Australia - Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 16 February 2023\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Victoria Goldfields Australia - Berringa Gold Mine Drilling/Corporate Update\n \n \n \n Power Metal Resources PLC (LON:POW), \n the London listed exploration company seeking large-scale metal discoveries across its global project portfolio\n announces a corporate and exploration update from the Company's Berringa Gold Mine Project (\"Berringa\" or the \"Project\"), which forms part of the Victorian Goldfields joint-venture (\"JV\") located in Victoria, Australia.\n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:\n \n \n \n \n \"Successful renewal of the exploration licence covering the historic Berringa gold mine, where we are currently undertaking a diamond drill programme, is a notable event for our Victoria Goldfields JV.\n \n \n \n \n The drilling is progressing well with three drill holes completed to date and with visible gold encountered in all three holes as detailed further below. This is very encouraging, and we look forward to receipt of detailed assay data as soon as possible.\n \n \n \n \n Geologically, all drillholes completed thus far have successfully intersected the down dip and along strike extensions of the target mineralised zones.\n \n \n \n \n We believe our JV in the Victoria Goldfields grows more compelling and valuable as we progress with exploration work.\"\n \n \n \n \n HIGHLIGHTS:\n \n \n \n - The Company's inaugural drilling programme, designed to test for the downdip and along strike extensions of the historical Berringa Gold Mine, is progressing well with three holes now completed totalling 655.9m of the originally planned 1000m. Drilling of the programme's fourth hole, BED23004, is expected to start shortly.\n \n \n \n \n \n - \n All holes which have been drilled and logged to date have successfully intersected target geological formations and demonstrated visible gold within extensions of the Berringa mineralised lode's including:\n \n \n \n \n \n \n \n o \n Drillhole BED23001 (targeting South Birthday Zone): Successfully intersected a 9m wide mineralised* quartz vein from 380.5 - 389.5m downhole as well as another 0.20m mineralised* quartz vein from 421 - 421.2m downhole including minor visibl...