One hole good enough for Sheffield

Good results from just one drill hole were enough to lift Sheffield Resources (SLD-V) on the market on Aug. 24.

The hole came from the historic Engels mine copper prospect, which sits at the companys 36 sq. km Moonlight copper project in northeastern California.

The hole returned 3.71% copper over 37.8 metres, with mineralization beginning at surface. Included in the average was a 22 metre long section — from 10 to 32 metres — averaging 6.01% copper.

While drilling difficulties caused the diamond drill to stop turning at the 37.8 metre mark, the results were enough to lift the Vancouverbased company 27% or 8 to 38 on 504,000 shares traded.

On Aug. 14 the company released results from three other holes drilled in the area highlighted by:

• Hole 07-E-1 — 2.95% copper, 0.14 grams gold, and 23.6 grams silver over 54 metres.
• Hole 07-E-2 — 2.54% copper, 0.05 grams gold, and 22.1 grams silver over 44 metres.
• Hole 07-E-3 — 2.99% copper, 0.09 grams gold, and 27.9 grams silver over 28 metres.

The ongoing drill program represents the first modern drill holes done at Engels, the company says. Engels, along with another nearby historical mine Superior — turned out roughly 162 million lbs of copper, 23,000 oz. of gold and 1.9 million oz. of silver between 1914 and 1930.

Sheffield says near-surface copper oxide resources at the mines have been historically overlooked but are commercially viable and its targeting an average grade of 1.5% copper in a starter pit at Engels.

But Engels and Superior are considered to be satellite deposits to the companys main deposit, known as the Moonlight deposit.

That deposit is a copper porphyry with an indicated resource of 76 million tonnes grading 0.413% copper, 0.003 grams gold, and 0.124 grams silver with a 0.3% copper cut off. Its inferred resource stands at 23.7 million tonnes grading 0.39% copper, 0.003 grams gold and 0.118 grams silver.

The company says the deposit is open laterally and at depth.