Century up on strong results from Lamaque

The latest results from Century Mining’s (CCM-V) drilling at the Lamaque Gold project help bolster the company in its push to have the project producing ore again.

Century released assay results from five of its eight recently drilled holes that were sent down from surface to test the extent and grade of the Bedard Dyke.

Assays were highlighted by: 1.69 metres grading 100.5 grams; 5.28 metres grading 9.56 grams gold and 2.67 ,metres grading 14.17 grams gold. All of those results came from separate holes and the intercepts represent true widths.

The news sent the company’s shares up 7% or 3¢ to 38¢ on 831,000 shares traded. The company’s shares haven’t closed that high since the end of last year when they hit the 39¢ mark.

Blaine, Washington-based Century acquired the Lamaque project, which sits just outside of Val-D’or, Quebec,  in 2004 and began mining at the Sigma open pit a year later.

Sigma and Lamaque are part of the same complex and in 2006 the company began an underground exploration and development project at the Lamaque portion of the project.

The project, however, ran into working capital trouble with the financial meltdown of 2008 and was put on hold until the company could raise more money.

It did so in January of this year by closing a $60 million financing — enough money, Century says, to put Lamaque back into production.

The latest results come from a drill program aimed at outlining resources in the Bedard Dyke for incorporation into its mining plan.

The dyke is at the west end of the Sigma open-pit and currently has a strike length of 210 metres. It outcrops in the open pit.

Century says dyke widths vary from 2 meters thick on the western end, to 10 meters thick on the eastern end near the open-pit.

Ore intercepts from the latest assays occurred between depths of 18 and 228 meters below surface.

Mineralization at the dyke is contained both in flats within the steeply south dipping dyke and within flats hosted by volcanic rocks adjacent to the dyke.