Vancouver – A 12,600-metre drilling program at the Silver Coin property in northwest British Columbia has returned a slew of strong gold results for joint-venture owners Pinnacle Mines (PNL-V) and Mountain Boy Minerals (MTB-V).
The diamond drill program outlined a north-south elongate body of andesite containing a network of mineralized quartz veins as well as disseminated gold-sphalerite mineralization. To date the partners have traced the zone along 700 metres strike and to 200 metres depth; it remains open along strike to the north and at depth.
The most recent set of results came from holes drilled, for the most part, at the northern end of the deposit, on what’s known as the Big Missouri claim. Results include short, high-grade intercepts as well as long mineralized hits.
Hole 299 returned one of the longer intercepts: 77.7 metres from surface grading 2.41 grams gold per tonne, 7.9 grams silver per tonne, 0.19% lead and 0.4% zinc. Hole 310 hit high-grade, returning 4.43 grams gold and 4.5 grams silver over 15.2 metres from 11.3 metres depth. Other interesting results include 36.6 metres grading 1.87 grams gold and 8.6 grams silver form 52 metres down hole 295, 12.8 metres grading 2.26 grams gold, 23.2 grams silver, 0.47% lead, and 1.27% zinc from 30 metres down hole 308, and 15.3 metres of 1.53 grams gold, 6.4 grams silver, 0.13% lead, and 0.3% zinc from 3 metres down hole 306.
Earlier results from other parts of Silver Coin were just as promising. In terms of high-grade hits, hole 232 cut 12.2 metres grading 12.66 grams gold, 24.46 grams silver, 0.3% lead, and 0.77% zinc from 66 metres depth and hole 264 returned 27.4 metres of 5.4 grams gold, 12 grams silver, 0.32% lead, and 0.6% zinc. And hole 282 cut 45.7 metres of 8.86 grams gold, 70.81 grams silver, 0.14% lead, and 0.35% zinc from 135 metres depth.
Longer intercepts include 118.0 metres averaging 1.05 grams gold and 4.32 grams silver from 57 metres down hole 271, 115.8 metres grading 1.66 grams gold and 6.2 grams silver from 85 metres down hole 281, and 97.5 metres grading 1.14 grams gold and 3.85 grams silver from 57 metres down hole 258.
The drilling success has prompted the JV partners to embark on a prefeasibility study for Silver Coin, due out by the end of 2009. In addition, initial metallurgical studies recently indicated precious metal recoveries between 82% and 94% in open cycle, bulk rougher flotation processing.
The project is located 24 km north of Stewart. The road that leads to the historic Granduc copper mine, which Newmont Mining (NMC-T, NEM-N) and Asarco operated in the 1970s and 1980s, passes through the Silver Coin property, linking it to the deep-water port at Stewart.
A 2007 resource calculation for Silver Coin estimated resources at 25.65 million tonnes grading 1.6 grams gold or 2.3 grams gold-equivalent (including base metal credits) per tonne.
Most of the Silver Coin property is owned 51% by Pinnacle and 49% by Mountain Boy, except for the Kansas claim where Pinnacle holds 70.6% and Mountain Boy the remaining 29.4%. The area of known mineralization extends for 1.5 km, of which only 700 metres has been drill tested.
On the latest drill results Pinnacle gained 2.5¢ to close at 5.5¢. The company has a 52-week trading range of 2.5¢ to 32¢ and has 44 million shares issued. Mountain Boy gained half a penny to close at 4¢; that company has a 52-week trading range of 3¢ to 39¢ and has 37 million shares issued.
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