Assay results from recent drilling on the JW copper-gold prospect in the Galore Creek region of northwestern British Columbia have sent the share prices of joint venture partners, Bellex Mining (VSE) and Quattro Resources (VSE) into a tailspin. The eagerly awaited results did not live up to high expectations generated by the companies’ interpretation of visual or “eyeball” results based on the geology observed in drill core (N.M., Aug. 27 /90). At press time, Bellex’s share price had plummeted to about 79 cents from its high of $5.12 several weeks ago. Similarly, Quattro’s share price dropped to $3.50 from its recent high of $10.00.
The first hole drilled on the JW property is reported to have intersected 197 ft. grading 0.21% copper, 0.012 oz. gold and 0.06 oz. silver per ton from 689-886 feet. Part of the mineralized zone in this hole includes a 72-ft. wide quartz vein, the assay results of which were not reported.
The second hole of the program returned 48 ft. grading 0.10% copper, 0.008 oz. gold and 0.05 oz. silver per ton from 177-225 feet. The third hole returned 148 ft. grading 0.23% copper, 0.011 oz. gold and 0.05 oz. silver from 59-207 feet, and 56 ft. grading 0.17% copper, 0.012 oz. gold and 0.05 oz. silver per ton from 433-489 feet.
Results from two additional holes are expected shortly and further drilling is planned.
The rugged and remote Galore Creek region is best known for its large, porphyry copper-gold deposits discovered several decades ago. Currently uneconomic because of a lack of infrastructure and road access, the deposits are held as mineral inventory by major mining companies.
Today the Galore Creek camp is being actively explored by a number of companies, including majors, with most of the effort focused on precious metals and/or gold-rich porphyry copper deposits.
Be the first to comment on "Bellex, Quattro stocks tumble on drilling results"