NEM - Vancouver Explorer Sees 'District-Scale' Project in Colo | Benzinga
Source: Streetwise Reports 04/18/2024
Metallic Minerals Corp. (OTC: MMNGF) announces that all four holes drilled at its Newmont-backed La Plata project in Colorado intersected porphyry-style mineralization from the surface and over their entire lengths.
In releasing the final results from its 2023 drilling campaign at its La Plata copper-silver-gold-platinum group element (Cu-Ag-Au-PGE) project in southwestern Colorado, Metallic Minerals Corp. announced that all four holes intersected porphyry-style mineralization from the surface and over their entire lengths.
Three of four holes in the 4,530-meter program intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 meters in width at 0.3% Cu, including significant intervals exceeding 0.5% to 0.7% Cu Eq (copper equivalent) with associated Ag, Au and PGEs. Drill hole LAP23-05 intersected 909 meters of continuous mineralization from surface, grading 0.26% Cu Eq over the entire hole length with a 550-meter-wide higher-grade zone.
The intensity of the mineralization in the drill holes varies based on the "veining and concentration of associated sulfides that carry the copper, silver, gold, platinum, and palladium" Metallic Minerals noted in a release.
"Our emerging vision for the La Plata project is that we have the potential for a district-scale system with multiple porphyry centers in addition to the Allard resource area" said President Scott Petsel. "This is supported by the multi-kilometer scale metal-in-soil values that extend well beyond the area of drilling and correspond with strong alteration responses in our detailed district-scale airborne hyperspectral survey."
Newmont Corp. (NYSE: NEM) — formerly Newcrest Mining Ltd. — invested CA$6.34 million in Metallic primarily to advance La Plata.
"Newcrest was one of the first to recognize the potential (of La Plata) following the announcement of our discovery drill results in early 2023" Metallic Minerals Chief Executive Officer Greg Johnson said.
These resources and results, combined with those from its flagship Keno property in the Yukon and an alluvial gold production royalty agreement signed with Parker Schnabel of the Discovery Channel's "Gold Rush" led Couloir Capital to rate the stock a Buy last year. In an updated research note on September 27, it set a fair value per share estimate of CA$0.74.
The company announced an expanded NI 43-101 resource in July 2023 for La Plata of 1.2 billion pounds copper (Cu) and 17.6 Moz silver (Ag) at an average grade of 0.41% Cu Eq, 0.37% Cu, and 3.72 g/t Ag, using a 0.25% Cu Eq cutoff grade.
The inaugural resource was based largely on historical drilling from which gold and platinum group element assays were not ...