Vancouver – Bell Coast Capital’s (BCP-V) drilling of its Shadow Mountain project, in the southwestern Gobi Desert of Mongolia, has met with disappointment.
The five-hole, 1,500-metre program failed to intersect any significant copper-gold mineralization, with the best assays coming in at 0.04% copper and 0.09 grams gold per tonne.
Drilling on the 1,000-sq.-km property was spotted based on an early-2004 induced polarization (IP) survey that returned a number of anomalies attributed to buried intrusives.
IP results coupled with mapping outlined a possible large, porphyry copper-gold system but subsequent drilling has shown the system as weakly mineralized and structurally controlled. It is likely the system lacked the strength to produce a significant economic orebody.
The company continues work on its recently acquired Sheep Mountain uranium project in south-central Wyoming, a 50-50 joint venture with US Energy (USEG-Q).
Bell Coast saw investors lighten their position slightly on the results, with the stock shedding a few cents to the 80 per share level on over 1.1-million shares volume. The issue recently touched a 52-week high of 92; well up from its year-low of 8 per share.
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