New Pacific Metals (NUX-V) made a move up the market after releasing its latest results from its HNK gold-polymetallic exploration permit in Guangdong, China.
In Toronto on Sept. 18 the Vancouver-based company gained 16% or 30 to touch $2.20 on just over 29,000 shares traded.
The company has been busy mapping and sampling over 150 old tunnels that stretch out over 5,600 metres on a permit that covers roughly 57 sq. km.
Highlights from tunnel assays include:
- Tunnel LD22 –0.3 metres grading 9.93 grams gold
- Tunnel LD133 — 0.35 metres grading 23 grams gold and 16 grams silver
- Tunnel LD309– 0.5 metres grading 29.29 grams gold, 2,705 grams silver, 7.74% lead and 4.41% zinc
- Tunnel LD309 –0.7 metres grading 9.66 grams gold, 1,055 grams silver, 5.66% lead and 2.05% zinc
The company says 55 of the tunnels have assayed gold values and that 15 gold-bearing veins have been found. The veins range from 100 metres to 1,000 metres in length with widths of 0.1 metres to 1.5 metres and are situated in a 5 km by 2.5 km area.
New Pacific says veins V9, V18, V107 and V109 are the most important among the 15 veins and will be focused on in the first phase of drilling so that their depth extension can be tested.
A ten hole, 3,500 metre drill program is underway with one hole finished. It intercepted V9 vein from 177.9 metre to 181.9 metres with a grading of 4.32 grams gold per tonne.
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