At the joint venture property it shares with Cominco (CLT-T), Calgary-based Cepeda Minerals (CMM-V) has intercepted high-grade gold mineralization.
The first hole of a program at the Buzzard target in South Carolina, starting from surface, hit 179 ft. of mineralization averaging 0.129 oz. gold per ton.
The core hole was drilled at a southern angle of 45, to a depth of 304 ft.
The first 18 ft. averaged 0.924 oz. gold per ton, including a 5-ft. section grading 2.87 oz. Mineralization in the upper part of the hole is associated with a coarse-grained, silicified breccia zone containing 1-3% pyrite.
An interval of 89 ft. (from 90 to 179 ft.) averages 0.065 oz. per ton, which the company believes may be economic in itself.
Cepeda is waiting for results from the second and third drill holes from the Buzzard. Hole 2 was drilled 100 ft. to the north of the first hole, and hole 3 was drilled 2,000 ft. northeast of the second.
The company is looking for shear-zone or mylonite-hosted gold mineralization similar to the Ridgeway and Haile deposits of the Carolina Slate belt.
Cepeda also received results from drilling on the nearby Lizard target area, which returned weakly anomalous gold values.
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