St. Elias Mines (SLI-V, SELSF-O) shares were down about 9% recently as the company made news of a 4.1-tonne portion of a mini-bulk sample that graded 318 grams gold per tonne at its Tesoro gold project, in southern Peru.
The complete 157.4-tonne sample averaged 26.4 grams gold per tonne.
St. Elias took the samples from the ZCV#1 vein on Zona Canchete and the A4 vein system on Zona Central.
The samples were processed by the carbon-in-pulp milling facility run by Malaga (MLG-T, MLGAF-O) (previously Dynacor Mines), located north of the property.
So far, St. Elias has found five gold-bearing zones on the property, with more than 50 quartz veins that have a combined length of about 9 km, though for now the company is only focusing on ZCV#1 and A4.
St. Elias recently bought a diamond drill to save money and speed up its drill program.
The junior wants to increase reserves and resources so it can sustain a a production rate of 300 to 500 tonnes per month while working to increase reserves and resources for future economic mining.
The company’s share price dropped 7 on the results to 70 apiece on a trading volume of 884,000 shares.
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