Redcorp Ventures (RDV-T) saw its shares climbed nearly 7% after results from three holes at its Tulsequah project in northwestern British Columbia were released.
In Toronto on July 24, the Vancouver-based company’s shares were up 2.5 to 40 on roughly 47,000 shares.
Highlights from the results include: from 136.8 metres to 144 metres grading 2.75 grams gold and 78.29 grams silver per tonne, with 0.33% copper, 1.1% lead and 3.92% zinc. Another hole cut 2.42 grams gold per tonne, 45.85 grams silver, 0.25% copper, 0.42% lead and 3.69% zinc over 7 metres, from 334 metres to 341 metres.
The company describes the drill results as the first of a “significant program” to evaluate the Big Bull mine area, which is located in the Tulsequah project.
The first phase of drilling completed 9,025 metres of core drilling in 21 holes beneath and along strike of the former mine workings at Big Bull over a strike distance of slightly more than one kilometer.
Redcorp says results from remaining phase-one holes are expected shortly.
The drill program supplements and extends past drilling done in 1993 and 1994 by Redfern Resources – Redcorp’s wholly owned subsidiary — as well as exploration drilling done around the time the mine was in production back in the 1950s.
The company says drilling will allow for a new National Instrument 43-101 compliant resource estimate.
The Big Bull mine was shut down in 1957 with a small historic reserve.
Mining was done to a depth of 110 metres below surface with total production of 360,073 tonnes grading 5.14 grams gold, 154.29 grams silver, 1.2% copper, 1.9% lead, and 7.3% zinc.
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