The latest results from reverse circulation drilling at Virgin Metals (VGM-T) Los Verdes base metal property in Sonoro Mexico are in and the market likes the results.
Midday in Toronto on July 12 the Toronto-based company was up 17%, or 11 lift to 73 on a volume of 821,000. Over the last year it has traded between 97 and 24 and has 77.7 million shares outstanding.
Highlights from results include (all intersections are true thickness):
- Hole LVRC-65 85.22 metres grading 0.20% molybdenum, 0.46% copper, 0.08% tungsten and 3.3 grams silver.
- Hole LVRC-68 19.85 metres grading 0.04% molybdenum, 0.4% copper, 0.09% tungsten and 2.5 grams silver.
- Hole LVRC-70 71.11 metres grading 0.11% molybdenum, 0.23% copper, 0.15% tungsten and 10.0 grams silver.
Virgin says tungsten grades increase to the west of the molybdenum and copper mineralization, but that there is a separate and discrete tungsten zone with no molybdenum or copper.
The tungsten zone — where a best intersect returned 53.34 metres (true thickness) grading 0.29% tungsten — contains shallow mineralization that extends as deep as 54 meters from the surface. Included in the zone is the summit of the ridge, which the company says, will be hard to drill extensively because of the rugged topography.
Virgin says it will model the summit separately and excluded it from the mine plan.
Results from the molybdenum and copper zones will be fed into a new geological model and an updated resource that will be used as the basis for mine planning in the feasibility study currently in progress, the company says.
Virgin is the 100% owner of Los Verdes and in addition to the reverse circulation holes, it has drilled another 20 diamond drill holes whose results are pending.
Beyond Los Verdes Virgin has the Cuatro Hermanos copper and molybdenum property which it says will see an expanded exploration effort.
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