Crown Butte Resources (VSE) says it isn’t aware of any reason, other than market anticipation of drill results at its Montana project, why the price of its shares increased by $2.25 recently on heavy trading. On July 18, the issue climbed to $11.50 after 42,850 shares had changed hands in morning trading.
Crown Butte currently has five drill rigs running on its New World gold-silver-copper prospect in Montana where Noranda (TSE) can earn a 25% interest by funding the project to the feasibility stage.
With reserves standing at 4.64 million tons of grade 0.17 oz. gold (uncut), 0.72 oz. silver per ton and 0.81% copper, a budget of $5.9 million has been set for this year’s development program.
“Visual examination of some of the initial holes in the Miller Creek zone has identified good mineralization, but in keeping with past policy only complete assay results will be announced,” said President David Rovig.
Complete information on the first set of Miller Creek deposit drill holes is expected to be available soon. Noranda holds a 23% equity interest in Crown Butte.
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