Canplats digs deep for low-grade gold

VANCOUVER — The final nine drill results are in for Canplats Resources’ (CPQ-V, CPQRF-O) Camino Rojo property in the central Mexican state of Zacatecas showing another set of long, relatively low-grade gold, silver, lead and zinc intercepts.

With 23 diamond and 93 reverse-circulation holes punched into the ground since late last year, Canplats has drilled 38,000 metres at Camino Rojo, primarily in what it has called the Represa zone.

The latest diamond-drill results returned intercepts grading between about 0.5 and 1 gram gold per tonne in that zone. Longer intercepts include 445.3 metres starting from surface grading 0.73 gram gold, 17.13 grams silver, 0.33% lead and 0.63% zinc in hole 15.

Hole 18 extended the Represa zone to the southwest by about 300 metres. It hit 75 metres grading 0.54 gram gold, 4.91 grams silver, 0.04% lead and 0.1% zinc starting 502 metres down-hole.

So far, Canplats has traced the roughly 300-metre-wide Represa zone for about 800 metres striking northeast and to a depth of more than 700 metres. It remains open to the southwest, northeast and at depth.

With the drill results in, Canplats says it plans on having a resource estimate finished by the end of the year.

On news of the drill results, Canplats shares dropped 24 to close at $1.66.