Sun shines on Formation Capital as drilling progresses in central Idaho

Drilling has expanded the Sunshine cobalt-copper deposit in Lemhi Cty., Idaho.

As part of a 30,000-ft. program, Formation Capital (TSE) extended the Sunshine Lode zone at depth, into an area previously interpreted as unmineralized.

To date, the company has drilled 51 holes, totalling 19,678 ft., in an effort aimed at testing stratabound, exhalative massive sulphide mineralization in several zones. The drill-indicated reserve currently stands at 400,000 tons averaging 1.1% cobalt and 0.26% copper, plus 0.025 oz. gold per ton. Recent results from near-surface testing include: 6.1 ft. from a depth of 82 to 88.1 ft. grading 1.01% cobalt, 0.18% copper and 0.023 oz. gold for hole 95-11; and 5.5 ft. from 58.5 to 64 ft. grading 0.38% cobalt, 0.08% copper and 0.01 oz. gold for 95-13A.

At a depth of 444-450.5 ft., hole 95-14A intersected 6.5 ft. grading 0.63% cobalt, 0.1% copper and 0.006 oz. gold.

Drilling below the Green Dyke sill, which was previously interpreted as a cutoff to the zone at depth, returned 29.3 ft., from 522 to 551.3 ft., grading 0.59% cobalt, 0.25% copper and 0.024 oz. gold. These results include an interval grading 1.47% cobalt, 0.01% copper and 0.04 oz. gold over 6.3 ft. for hole 95-14B.

Hole 95-14C intersected 8 ft. at a depth of 431.5 to 439.5 ft. grading 0.61% cobalt, 0.12% copper and 0.011 oz. gold, whereas hole 95-14D returned 7.5 ft. grading 1.53% cobalt, 0.03% copper and 0.026 oz. gold.

The Sunshine Lode zone remains open to the north and at depth. Results from preliminary drilling of the previously untested Sunshine East zone included 6 ft. of 0.41% cobalt, 0.06% copper and 0.038 oz. gold, as well as 10.6 ft. of 0.048% cobalt, 8.43% copper and 0.027 oz. gold, for hole 95-2, and 8 ft. grading 0.23% cobalt, 0.24% copper and 0.006 oz. gold, as well as 6.2 ft. grading 0.16% cobalt, 1.5% copper and 0.015 oz. gold, for hole 95-5.

Further drilling is planned for the Sunshine East area.

Formation has added to its holdings at the Sunshine project by staking an additional 100 claims to cover extensions of known mineralization, as well as 10 new zones identified by extensive soil and geochemical sampling. In all, Formation has defined 25 targets for drilling.