Single Hole Sends Sheffield Higher

Good results from just one drill hole were enough to lift shares of Sheffield Resources (SLD-V, SLDOF-O) by 27% on the market recently.

The hole came from the historic Engels mine copper prospect, which sits at the company’s 36-sq.-km Moonlight copper project in northeastern California.

The hole returned 3.71% copper over 37.8 metres, with mineralization beginning at surface. Included in the average was a 22-metre-long section — from 10 to 32 metres below surface — averaging 6.01% copper.

While drilling difficulties caused the diamond drill to stop turning at the 37.8-metre mark, the results were enough to lift the Vancouver-based company 8 to 38 on 504,000 shares traded.

The company later released results from three other holes drilled nearby, highlighted by: 54 metres grading 2.95% copper, 0.14 gram gold, and 23.6 grams silver; 44 metres averaging 2.54% copper, 0.05 gram gold, and 22.1 grams silver; and 28 metres grading 2.99% copper, 0.09 gram gold, and 27.9 grams silver.

The ongoing drill program represents the first modern drilling at Engels, the company says. Engels, along with another nearby historical mine — Superior — turned out roughly 162 million lbs. copper, 23,000 oz. gold and 1.9 million oz. silver between 1914 and 1930.

Sheffield says near-surface copper oxide resources at the mines have been historically overlooked but are commercially viable. The company is targeting an average grade of 1.5% copper at Engels.

Engels and Superior are satellite deposits to the company’s main deposit, Moonlight.

Moonlight is a copper porphyry deposit with an indicated resource of 76 million tonnes grading 0.413% copper, 0.003 gram gold, and 0.124 gram silver with a 0.3% copper cutoff. Inferred resources stand at 23.7 million tonnes grading 0.39% copper, 0.003 gram gold and 0.118 gram silver.

The company says the deposit is open laterally and at depth.