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(Sharecast News) - Power Metal Resources said on Monday results from its maiden drilling programme at the Block 8 concession in Oman confirmed the presence of copper-dominant volcanogenic massive sulphide-style mineralisation, completing the company's initial earn-in to the project.
The AIM-traded firm said the reconnaissance diamond drilling programme, completed in October, comprised eight drill holes for a total of 724.45 metres.
It said the drilling intersected lithological units, alteration and mineralisation consistent with Cyprus-type VMS systems, with all holes cutting prospective basalt and andesite units associated with carbonate, chlorite and epidote alteration.
Power Metal reported several notable downhole intersections, including 1.04% copper over 1.5 metres in hole AM25DD001 within a broader 0.52% copper zone over 3.5 metres, alongside additional copper intervals of 0.36% over one metre and 0.35% over four metres in the same hole.
Other results included 0.19% copper over four metres in hole AM25DD002, elevated copper, lead and zinc over 18 metres in hole AM25DD003 associated with a sulphide stockwork in a fault zone, and 1.1% zinc over one metre in hole AM25DD006 with associated elevated copper and zinc.
The programme identified widespread faulting, brecciation and sulphide mineralisation, with significant pyrite intersected in six of the eight drill holes, occurring as disseminations, veinlets and semi-massive zones.
Power Metal said the mineralisation was interpreted to lie within the peripheral zone of a broader mineralised system, with the results providing encouragement for further exploration.
Block 8 is located around 130 kilometres west of Muscat and covers 497 square kilometres within the Semail Ophiolite, a geological setting prospective for copper-dominant VMS mineralisation.
Power Metal is earning a 12.5% interest in the project, which is held by ASX-listed Alara Resources and Awtad Copper, with the drilling programme completing the agreed $0.74m expenditure required to secure that stake.
"The results of the maiden drilling programme are very encouraging and confirm our view that this is a prospective area that has been under-explored," said chief executive Sean Wade.
"The completion of the programme marks the fulfilment of the agreed $0.74m spend to earn a 12.5% stake in Block 8.
"I look forward to updating the market further as we move into the next phase of workstreams with additional trenching and drilling programmes that will enhance our understanding of the results and the mineralised intersects."
Alara Resources managing director Atmavireshwar Sthapak said the company was "very encouraged" by the results of this maiden drilling programme at Block 8.
"The identification of VMS-style mineralisation, strong alteration signatures and structural features across all drill holes confirms the robustness of the geological model developed through the Power Metals exploration work.
"These early results highlight the potential of Block 8 to host Cyprus-type copper mineralisation, and they provide a solid foundation for advancing the next phase of exploration."
Power Metal said the next phase of work would involve a detailed review of the drilling results, further core sampling and the planning of follow-up trenching and drilling programmes to better define the mineralised system.
At 1400 GMT, shares in Power Metal Resources were down 0.95% at 13p.
Reporting by Josh White for Sharecast.com.