Carpathian can’t get lift from wide intersects

The latest drill results from Romania, while strong, weren’t enough to lift Carpathian Gold (CPN-T) out of the summer doldrums.

The Toronto-based company has watched its market cap get slowly erode over the last year, as shares that were trading as high as $1.70 in June of last year, broke below the 30 mark on July 30th of this year.

And while the most recent assay results brought a best intersect from its Rovina project, it failed to bolster the company’s fortunes on the market.

In Toronto on Aug. 5, its shares were flat at 26 on a volume of roughly 325,000 shares.

The drill results came from its ongoing diamond drilling program on the Ciresata Porphyry which sits within Rovina in central Romania.

One hole that was testing mineralization at depth in the northwestern part of the deposit intersected 186 metres of 1.06 grams gold per tonne and 0.16% copper those results were hit above a late-mineral dike.

But it was below the 25 metre dike that the hole really hit pay-dirt, returning 255.7 metres of 1.5 grams gold and 0.24% copper including 82 metres of 2.74 grams gold 0.34% copper.

Another hole, testing for an extension northeast of the deposit, hit 198 metres grading 0.6 grams gold and 0.12% copper.

Both holes, Carpathian says, ended in mineralization at depths greater than 500 metres.

The company has drilled 12 holes on the Ciresata porphyry and says early results indicate mineralization begins 50 to 120 metres below surface beneath a magnetite altered cover of andesite and remains untested and open in three lateral directions and at depth.

Mineralization occurs as stock work veinlets of quartz-chalcopyrite-pyrite and disseminated chalcopyrite-pyrite hosted in a tertiary-aged hornblende-feldspar porphyry and hornfels of sediments. The recent drill results indicate that the gold and copper grades are increasing with depth.

Carpathian is in the process of updating the resource estimate for Rovina and Colnic projects. The last estimate was finished in the spring of last year and it expects to have the update done by the fourth quarter of this year.