Drilling at Millstream Mines’ (MLM-V), Potter property near Matheson, Ont., continues to hit encouraging intervals of massive sulphide mineralization.
Results from its fifth diamond-drill hole on the project, hole S-07-04, intersected three stacked zones of massive sulphides as follows:
* 9.15 metres of 1.5% copper, 1.44% zinc, 0.059% cobalt, and 0.49 oz. per ton silver (from 628 metres down-hole);
* 10.15 metres of 2.65% copper, 2.89% zinc, 0.099% cobalt and 0.69 oz. per ton silver (from 674.5 metres); and
* 26.15 metres of 1.96% copper, 1.55% zinc, 0.05% cobalt and 0.44 oz. per ton silver (from 724 metres down-hole).
The third and deepest zone of mineralization was only recently discovered by the company, and is farther north than any mineralized zones previously drilled.
The company is exploring below past mine workings to establish an initial resource and to prepare for a scoping study.
The property includes the Potter mine, which operated in the late 1960s, producing nearly 500,000 tonnes grading 1.63% copper and 1.5% zinc.
Millstream recently announced a non-brokered private placement of 6 million flow-through units to raise up to $2.1 million. Proceeds will go toward funding exploration at Potter and the Airport East property, near Sudbury, Ont. The company also offered a non-flow through private placement of 3 million units for up to $1.05 million.
Millstream shares recently traded around 36 in a 52-week range of 7.5-44.
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