New drilling on a massive sulphide discovery that Cogitore Resources (WOO-V) made in March at its Scott Lake copper -zinc project near Chibougamau, Que., has sent shares up 29%, or 6¢, to 27¢ apiece today.
The drill hole catching investors’ eyes contains a 26.7-metre intercept of massive sulphides grading 2.1% copper, 5.2% zinc, 0.3 gram gold per tonne and 24.9 grams silver.
The intercept was fairly deep – between 909 metres and 1,013 metres. The company only reported the results from one hole.
Cogitore has named the new lens the CFO lens. It’s is located along a new ryholite horizon, called the Tony rhyolite (named after vice president exploration Tony Brisson), that is different than the Scott Lake rhyolite.
The Scott Lake rhyolite hosts the West lens, which has a National Instrument 43-101 inferred resource estimate of 3.6 million tonnes grading 1.1% copper, 5.2% zinc, 0.3 gram gold per tonne and 36 grams silver..
Cogitore’s goal is to increase resources at Scott Lake before conducting a preliminary scoping study.
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