Four holes have been drilled by Canmine Resources (ASE) to test the Island zone geophysical anomaly on its Fer base metal property near Flin Flon, Man.
The best assay returned 0.009 oz. gold and 0.88 oz. silver per ton, 0.23% lead, 0.75% copper and 7.42% zinc over 10 ft. Results from the other holes were as high as 0.015 oz. gold, 0.58 oz. silver, 1.16% copper and 5.01% zinc. In addition to assay results, the company has completed a downhole geophysical survey that indicates the conductor strengthens to the north and east. Currently, the company is drilling another hole in this area. Several other holes, drilled away from the Island zone, have intersected up to 30 metres of anthophyllite-cordierite alteration containing disseminated sulphides.
In related news, the company has raised $250,000 in a private placement. The financing consists of 312,500 shares valued at 80 cents each, with attached warrants exercisable at $1.
Over the next year and a half, Canmine plans to spend $1.9 million exploring the property.
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