Muskox dips on results

The much-anticipated drill results from the Keel 1 West geophysical anomaly turned out to be a fizzle of low grades. The anomaly is the smaller of two outlined in the Muskox layered intrusion, about 500 km north of Yellowknife, N.W.T.

Muskox Minerals (MSK-V) sank 11 holes to test 1.5 km of the anomaly. Copper and nickel grades were generally less than 0.5%, and combined platinum-palladium-gold values, less than 0.5 gram per tonne. Selected results include:

hole 12, which cut 34 metres (starting at a downhole depth of 68.7 metres) grading 0.13% copper and 0.15% nickel, plus 0.16 gram precious metals per tonne, and 13.8 metres (starting at 102.7 metres downhole) grading 0.26% copper, 0.14% nickel and 0.33 gram precious metals;

hole 14, which returned two intervals of up to 0.32% copper, 0.18% nickel and 0.28 gram previous metals over 10.4 metres;

hole 18, which returned two intervals of up to 0.11% copper, 0.11% nickel and 0.65 gram precious metals over 13.1 metres; and

hole 21, which yielded three intervals of up to 0.72% copper, 0.48% nickel and 0.36 gram precious metals over 0.5 metre.

Hole 19 was abandoned prior to hitting the desired horizon. Assay results for hole 22 are still pending.

Downdip to the north, the Keel-1 West mineralization merges with a larger and stronger conductivity anomaly known as Keel 2. Drill testing of that anomaly has begun, with six holes planned in all.

The Muskox mafic/ultramafic layered intrusion is one of the largest of its kind, measuring 90 km in length and up to 15 km in width. Muskox’s property covers the entire intrusion.

Following the announcement, Muscox shares sank 69, though, by presstime, they had rebounded 29 to $2.80. More than 600,000 shares had crossed the floor.