The share price of Westmin Resources (TSE) continued to gain strength after a recent stepout drill hole on its Myra Falls property intersected a 22.7-metre (74.4-ft.) section of high-grade massive sulphides.
The density-length-weighted average assay of the intersection is reported as 1.4 grams (0.04 oz.) gold, 222 grams (6.4 oz.) silver per tonne, 2.8% copper, 0.5% lead and 20.4% zinc.
The stepout hole was drilled 140 metres (459.3 ft.) west of the discovery hole which returned 33.1 metres (108.5 ft.) grading an average of 3.6 grams (0.015 oz.) gold, 365 grams (10.6 oz.) silver, 4.5% copper, 0.5% lead and 18.5% zinc (T.N.M. May 20/91).
The discovery hole was drilled in a previously untested gap area between the Ridge and H-W zones. The geological nature of the mineralization intersected in the recent stepout hole has the company optimistic it is part of the same lens intersected by the earlier discovery hole.
The grades being encountered in this new zone are considerably higher than the average grade of reserves currently being mined from the H-W and Lynx underground mines that together make up the Myra Falls operation near Campbell River, B.C.
Westmin plans to continue the stepout hole through prospective upper H-W rhyolite stratigraphy to a depth of 275 metres (902.2 ft.). A total of three drills are now testing the zone.
The latest assay results appear to be increasing confidence that Westmin has encountered a rich massive sulphide lens that could be mined from existing workings to enhance the overall performance of the Myra Falls operation.
That optimism is being reflected in the company’s share price which climbed over the $6 level at presstime, well above its 52-week low of $1.55.
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