Drilling on the Harmony project on British Columbia’s Queen Charlotte Islands continues to return gold values for Misty Mountain Gold (TSE), and more work is planned.
The junior is drilling off the Specogna deposit on a 20-by-20-metre grid in an effort to define a higher-grade reserve within the known deposit.
Previous operators outlined a large, potentially open-pit, low-grade resource, but development was stalled as a result of environmental concerns, particularly relating to acid drainage.
Reserves minable by open-pit methods were last estimated to exceed 31 million tonnes grading 2.19 grams gold per tonne.
Misty Mountain is attempting to intersect a series of en echelon, steeply dipping, high-grade zones within the deposit.
Significant values from recent drilling include: 12.6 metres grading 26.77 grams gold in hole 32; 2.22 metres grading 12.06 grams in hole 33; 1.94 metres grading 17.02 grams in hole 34; 4 metres grading 10.58 grams gold in hole 35; 2.05 metres grading 23.37 grams in hole 36; and 1.57 metres grading 16.99 grams in hole 44.
Misty Mountain has drilled 49 holes, covering a 300-by-100-metre portion of the Specogna deposit, which measures roughly 850 metres long by 250 metres wide.
A second phase of drilling, designed to infill the rest of the deposit, is planned.
Misty Mountain has 11.5 million shares outstanding on a fully diluted basis and $3.6 million in working capital. Full dilution will add another $8.2 million to company coffers.
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