Geo Minerals gets lift from old core

Re-sampling old drill results has proven profitable for Geo Minerals (GM-V).

In Toronto on May 9 the Vancouver-based company’s shares shot up close to 75% or 12 to 27 on roughly 1.8 million shares traded a day after it announced assays from a 1997 drill program.

Highlights from the results included 21.65 meters of 10.16% zinc, 1.14% lead and 17.7 grams per tonne silver at a depth of roughly 21 meters from one hole and 13.57 metres of 3.9% zinc, 0.09% lead, 0.15% copper, and 6.2 grams silver per tonne/

Those results come from the company’s wholly owned Scotia poly-metallic volcanogenic massive sulphide property near Prince Rupert in B.C.

Geo Minerals is in the throws of calculating a new resource estimate for the project based on re-sampling historical drill data.

While Geo says several exploration programs have been done on the property over the last 30 years, it is using core from the most recent one done in 1997 that drilled 10 holes for 938 metres.

Geo says nine of those historic holes intersected mineralization.

Selected intervals of the drill core from six of the ten holes were re-sampled for Geo during the field season of 2005 with the aim of verify the historical data.

In April of this year pulps from the samples that returned over-limit values values greater than 10,000 parts per million for zinc and lead — were assayed and those results were the basis for the results reported above.

Geo says there is considerable agreement between its results and those reported back in 1997 with average variations coming in at less than 5%.

Geo’s previous share price high in the last 52-weeks was 22 with a low of 10. The company has roughly 15 million shares outstanding.