Viscount Mining Corp. (TSXV:VML) believes the historic Kate deposit, which current drilling is targeting, may be thicker and/or deeper than previously estimated
SmallCapPower | January 26, 2018: On January 25, 2018, Viscount Mining Corp. (TSXV:VML) announced results from two more holes from its Phase 2 drill program at its Silver Cliff property in Colorado. These are the third batch of twinned holes released by the Company. Highlights include Hole 6, which returned 150.0 g/t Ag over 24.5m from surface, including an interval of 15.5m grading 204.0 g/t Ag. In terms of per tonne value, Hole 6 had the highest returns of the five holes released 2017 to-date. Overall, the results released from 2017 to-date have returned a weighted average grade of 99.4 g/t Ag over an average width of 25.2m. All the holes were drilled near-surface, with the deepest only to 34.5m. Relative to historic drilling, these results are 3x higher, which insinuates significantly higher tonnage than outlined by the previous explorers. Although it is still early days, the Company believes the historic Kate deposit, which current drilling is targeting, may be thicker and/or deeper than previously estimated. This could result in a larger resource than what was contemplated in Tenneco’s historic PEA. After all the results are released, expected by the end of January, an updated resource estimate is planned to be completed by the end of Q1/2018.
Figure 1: Drilling in Quarry
The 2017 program has been completed and five more holes are yet to be released. Once all the drill results are reviewed and released, the Company plans to release an updated resource estimate on the historic Kate silver deposit.
Silver Cliff, the Company’s near-surface high-grade silver target, was previously operated by Tenneco Minerals in the 1980s, which outlined a historical ~50M oz Ag open-pit resource via PEA, however, Tenneco was bought out by a Belgian conglomerate and advancement of the project was halted.
For reference, “twinning” holes is the process of drilling holes right next to old holes (usually historic) to confirm mineralization to evaluate the accuracy of the grades.
Figure 2: Exposed Silver Vein at Silver Cliff
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