Business
Victorian Goldfields - Exploration Update
Victorian Goldfields - Exploration Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 13 June 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Victorian Goldfields - Exploration Update\n \n \n \n \n Discovery of Intrusion Related Gold Mineralisation Confirmed at Mt Bute Prospect in Victoria, Australia\n \n \n \n \n \n \n Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint-venture vehicle New Ballarat Gold Corporation plc (\"NBGC\"), which is focused in the prolific Victorian Goldfields of Australia. NBGC's wholly owned operating subsidiary Red Rock Australasia Pty Limited (\"RRAL\") has recently completed a diamond drill programme, certain results in respect of which are outlined below.\n \n \n A total of 860m of drilling was completed within 8 holes during the Phase I diamond drilling programme targeting two prospects, O'Loughlin's (5 holes; assays received for 4 holes, 1 still pending) and Mt Bute (3 holes; assays received for 1 hole, 2 still pending)\n .\n \n \n Laboratory results from the first hole drilled (MB22D001) at the Mt. Bute Prospect, one of two targets addressed in recent drilling, have now been received and are considered significant. Preliminary X-ray fluorescence (XRF) analysis of selected Mt. Bute core intervals had returned highly anomalous molybdenum (Mo) and bismuth (Bi) results, suggesting the possibility of intrusive related gold (\"IRG) mineralization within the Victorian goldfields.\n \n \n A total of three holes were drilled at the Mt. Bute Prospect and the results from the second and third holes are still awaited. \n \n \n Laboratory assay results, not considered of such significance, have also been received from the drilling completed at the other prospect, O'Loughlins. Additional assays are still pending.\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n ·\n \n Drilling results from MB22D001 have confirmed the existence of IRG mineralisation overprinting orogenic mineralisation at the Mt. Bute Prospect, a significant development within the Victorian Goldfields generally.\n \n \n \n ·\n \n Over 30% of assays from drill hole MB22D001 between 23.1m to 117.7m returned results greater than 0.1 g/t gold (Au).\n \n \n \n ·\n \n Including highlight intervals of 0.4...