Ramp Metals ‘thrilled’ with new high-grade gold find in Saskatchewan

Ramp Metals (TSXV: RAMP) shares rose 24% after it reported partial assay results from a new high-grade gold discovery in Saskatchewan.

The first hole the company drilled at the project, Ranger-01, hit 7.5 metres of 73.55 grams gold per tonne and 19.5 grams silver starting at 227 metres down-hole. That included a 1.5 metre section of 164 grams gold, 1.5 metres of 182 grams gold and 1.5 metres of 60.8 grams gold.

The same hole returned 5 metres of 4.27 grams gold, including 1.5 metre of 6.18 grams gold, and 1.5 metres of 7.28 grams gold, beginning at 293 metres. Another interval starting at 307 metres assayed 3 metres of 1.81 grams gold, 1 metre of 2.54 grams gold, and 1 metre of 2.85 grams gold.

The company, with a market cap of $18.6 million, ended the day 11¢ higher at 59¢ per share.

“We are thrilled to make a significant gold discovery in our first drill program on the property,” CEO Jordan Black said in a release. “These intercepts are in line with the highest-grade intercepts drilled in Saskatchewan. These drill results indicate a huge potential at Rottenstone SW and mark an exceptional milestone in Ramp Metals history.”

Ramp Metals began trading on the Toronto Venture Exchange in March after completing a reverse takeover of Anacott Acquisition Corp.

Ramp earned a 100%-interest in the Rottenstone SW and PLD properties by drilling 1,180 metres during the winter program. Three of the four holes drilled cut disseminated to semi-massive mineralization.

The Rottenstone SW target is a greenfield project located about 115 km north of La Ronge, Sask. It’s located 30 km southwest of the historic Rottenstone nickel-copper-PGM plus gold mine, which produced about 40,000 tonnes of high-grade ore and is now part of Fathom Nickel’s (CSE: FNI) Albert Lake property.

Ramp will continue investing two conductors (Rogue and Ranger) in the current program and two other untested conductive anomalies at Rottenstone SW with ground geophysics.

 Two grab samples taken last October from the project returned 5.11 grams gold per tonne and 1.09 grams gold.

– This article contains a correction. The historic Rottenstone mine is not part of Ramp Metals’ concessions.