Results from three holes at Goldcrest Resources (GCL-V) Gaoua copper-gold project in southern Burkina Faso are in, and while the company says results show highly anomalous gold and copper mineralization the hard numbers failed to impress the market.
The Toronto-based company watched as its shares fell over 12% or 12 to 85 on 3.6 million shares.
Highlights from the on-going drill program include:
- Hole S23GON — 69 metres (from a depth of 9 metres) grading 0.62% copper and 0.68 grams gold per tonne.
- Hole S26GON — 13 metres (from a depth of 77 metres) grading 0.52% copper and 0.35 grams gold per tonne.
- Hole S27GON 23 metres (from a depth of 60 metres) grading 0.45% copper and 0.31 grams gold, and 59 metres (from a depth of 119 metres) grading 0.61% copper and 0.36 grams gold.
Goldcrest says the holes confirm the extension of mineralized breccia towards the east in the Gongondy zone. It also says there is either a second breccia pipe in the area or a northern extension of the main breccia. It says further drilling will help to verify the nature of the mineralization.
The known breccia is hydrothermal and largely hosted by diorite porphyry intrusions, though it extends into the adjacent volcanic tuffs, the company says.
The drill rig has now been moved the Dienemera target roughly 8 km north of Gongondy. Fifteen holes for 4,500 metres were drilled at Gongondy.
Drilling is being funded by Freeport-McMoRan Copper & Gold (FCX-N) as part of its agreement with Goldcrest from November of last year. That agreement can see Freeport earn a 70% interest by funding through to the completion of a feasibility study.
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