Corex Gold (CGE-V) released its second stellar intercept in just over a week from its Santana project in the Sonora State of Mexico and furthered its market momentum in the process.
The latest hole assayed a highlight intercept of 87 metres of 1.04 grams gold, with a higher grade intercept of 28.6 metres grading 2.16 grams gold. News of the assay had the company’s shares up another 11% to 93¢ on 545,000 shares traded.
The results come just seven days after it announced assays of 89.23 metres grading 1.16 grams gold from the project. Corex’s share price was sitting at just 55¢ before those results were released on Nov. 17.
Both holes come from what the company calls the Nicho zone and taken together, the company says, the two holes confirm a high-grade portion a mineralized zone which is structurally controlled and at least 200 metres long and 50 metres wide.
It hypothesizes that a lower grade mineralized zone surrounds the higher grade area and is defined by tectonic breccias.
Vancouver-based Corex says mineralization at the site is controlled within a gold bearing structural corridor that is open in all directions and at depth. It believes the zone widens at depth surrounding the higher grade core.
Drilling is ongoing at Nicho with an eye towards expanding the resource potential of the zone.
Santana sits 50-km southeast of Alamos Gold’s Mulatos mine which has proven and probable reserves of 61.5 million tonnes grading 1.21 grams gold for 2.4 million oz.
The company’s drilling in 2008-2009 identified an 800 metre wide by 2.3 km long mineralized corridor of gold-bearing oxide material that it believes will be amenable to open pit mining.
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