Vancouver-based Grizzly Creek Resources (VSE) says it will increase its interest in Golden Valley Explorations, owner of the Pinkian copper and gold property in the Philippines. Grizzly Creek has a 40% interest in Golden Valley with an option to acquire an additional 15%.
Following the announcement, Grizzly shares reached a 52-week high of 72 cents, up 50 cents on a volume of 700,000.
Located near the Baguio gold district, Pinkian hosts a large, low- grade copper-gold deposit.
Based on 39 holes previously drilled by a Philippine metal producer, Grizzly says the property contains a preliminary reserve of 60.8 million tonnes grading greater than 0.3% copper, including 15 million tonnes grading greater than 0.6 grams gold per tonne.
Golden Valley plans to initiate a bulk-sampling program at Pinkian in the near future.
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