Shares of Cantex Mine Development soared 389% on drill results from its North Rackla silver-lead-zinc project in Yukon. The company had drilled nine holes on the project’s massive Sulphide zone, four from the Discovery zone and five from the Extension zone, 1.7 km southwest.
Highlights from the Discovery zone include 8 metres from 16 metres downhole grading 27.05 grams silver per tonne, 2.53% lead and 3.72% zinc, as well as 12 metres from 1 metre downhole at 18.75 grams silver, 2.27% lead and 7.36% zinc.
The company drilled beneath strongly weathered mineralization in the Extension zone and cut fresh sulphide mineralization. Highlights from the Extension zone are provisional but include 13 metres from 100 metres downhole grading 150.6 grams silver, 7.85% lead and 15.86% zinc, as well as 9 metres from 124 metres downhole at 67.2 grams silver, 5.37% lead and 9.87% zinc.
Shares of Candelaria Mining rose 28¢ to 66¢. The company recently filed a preliminary economic assessment for its 60%-owned Pinos gold project in Zacatecas, Mexico. The study outlines a US$12-million, after-tax net present value at a 5% discount rate, and a 25% after-tax internal rate of return.
The project costs US$13.5 million in initial capital and US$9.2 million in sustaining capital over a seven-year mine life. It would process 791,000 tonnes at 3.34 grams gold and 51 grams silver to produce 75,000 oz. gold and 995,000 oz. silver, or 12,700 gold equivalent oz. per year. In May 2018, the Mexican government granted Candelaria construction permits for the Pinos project.
The project contains 261,500 measured and indicated tonnes grading 3 grams gold and 59.1 grams silver for 25,029 oz. gold and 496,637 oz. silver, as well as 529,000 inferred tonnes grading 3.6 grams gold and 47.7 grams silver for 60,671 oz. gold and 811,082 oz. silver.
Shares of Garibaldi Resources fell 34¢ to $1.14, despite drills expanding the Discovery zone northwest and southeast at its Nickel Mountain nickel-copper project in B.C.’s Golden Triangle. The results come from two holes that both cut two mineralized zones.
Hole 24 intersected 12 metres from 147 metres downhole grading 0.71% nickel and 0.9% copper, plus 10.5 metres from 184 metres downhole grading 3.74% nickel and 1.6% copper.
Hole 23 intersected 6 metres from 70 metres downhole grading 6.82% nickel and 3.16% copper, and 3 metres from 77 metres downhole at 0.69% nickel and 0.43% copper, as well as 24 metres from 126 metres downhole grading 0.52% nickel and 0.62% copper. Both holes also hit cobalt, platinum, palladium, silver and gold mineralization.
The company is calling its Discovery zone the first magmatic nickel sulphide system in the Golden Triangle.