First-quarter results are encouraging for MSV Resources. The Montreal-listed company managed to crank out 12,970 oz. gold, almost 3 million lb. copper and almost 15,000 oz. silver.
This led to earnings of $326,732, or 1 cents a share, from revenues of $10.8 million for the quarter.
Equally encouraging were drill results from the Copper Rand mine north of Chibougamau, Que. The depth extension of three gold-copper-bearing veins was confirmed.
Four holes tested the 44-4 lens between the 3800 and 3900 levels, with grades ranging between 0.05 and 0.14 oz. gold per ton and 0.98 to 1.2% copper. Widths varied between 12 and 50.9 ft.
Three holes were also drilled on the 48-5 vein at the 3800 level. One section averaged 0.57 oz. gold and 3.2% copper over 2 ft., while another encountered a 31-ft. section that averaged 0.257 oz. gold and 2.86% copper. The 44-5 vein was tested with three holes, the best result being 0.425 oz. gold and 2.05% copper. Drilling was also carried out on the 41-6 vein.
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