Vancouver – The second set of drill results out of Canadian Gold Hunter‘s (CGH-T) Caballo Blanco gold project in Veracruz, Mexico shot the explorer’s share price up 45%.
Hole 4, targeting the Cerro la Paila target, returned 94.5 metres grading 2.09 grams gold per tonne from 77 metres depth, including 39.6 metres of 3.93 grams gold, with gold mineralization hosted in iron-oxide-cemented silica breccias. Hole 5, collared roughly 100 metres to the northeast, returned 131 metres grading 0.53 gram gold from 85 metres depth, including 24.4 metres grading 1.08 grams gold.
The company says the intercepts occur in silica breccias directly below a barren, clay-altered volcanic cap rock, indicating they came from the top of the mineralized system.
News of the long intercept boosted Canadian Gold Hunter 47 in April 22 trading to close at $1.52. The company has a 52-week trading range of $1.05 to $2.74 and has 54 million shares issued.
Canadian Gold Hunter’s focus, the Cerro la Paila target, lies within the Northern Zone at the 15,000-hectare Caballo property. Cerro la Paila is a zone of very high resistivity extending 800 to 900 metres north-south across widths up to 450 metres. Where the anomaly extends to surface iron-rich silica breccias are exposed, leading to extensive gold soil and rock geochemical anomalies. The bulk of the buried resistivity anomaly lies to the south of the section line of which hole 4 currently marks the south end of drill testing.
Earlier in April the company released results from two earlier holes. Hole 3 intersected 82.3 metres grading 1.08 grams gold and 2.8 grams silver from 73 metres depth; hole 2 cut 216 metres grading 0.6 gram gold and 3.1 grams silver from 39 metres downhole.
Canadian Gold Hunter can earn a 60% interest in Caballo from Almaden Minerals (AMM-T) by spending US$12 million over a six-year period.
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