St. Elias Mines (SLI) shares were down today as the company made news of a 4.1-tonne portion of a mini bulk sample that graded 318 grams gold per tonne at its Tesoro gold project in southern Peru.
The companys share price dropped about 9% or 7 to 70 apiece on a trading volume of 884,000 shares.
The complete 157.4-tonne sample had an average grade of 26.4 grams gold per tonne.
St. Elias took the samples from the ZCV#1 vein on Zona Canchete and the A4 vein system on Zona Central.
The samples were processed by the carbon-in-pulp milling facility run by Dynacor Mines (DYN-T), located north of the property.
So far, St. Elias has found five gold-bearing zones on the property, with more than 50 quartz veins having a combined length of about 9 km, though for now the company is only focusingon ZCV#1 and A4.
The company recently bought a diamond drill to save money and speed up its drill program.
St. Elias wants to build enough reserves and resources so it can sustain at a production rate of 300 to 500 tonnes per month while working to increase its reserves and resources for full-time mining in the future.
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