Strong gold grades drove Murgor Resources (MGR-V) shares 48% higher today after the company released results from its Hudvam copper-gold-zinc-silver deposit in Flin Flon, Man.
Murgor shares rose 18.5 to 57 each on a trading volume of 1.6 million shares.
Highlights from the results include a 22.47-metre intersection grading 9.76 grams gold per tonne, 0.74% copper, 3.42% zinc and 18.91 grams silver per tonne, include 7 metres grading 25.56 grams gold per tonne.
Another hole returned 6.33 metres grading 7.07 grams gold per tonne, 5.92% copper, 1.65% zinc and 48.16 grams silver.
This is the second set of results from Murgor’s 30-hole 9,300-metre program completed earlier this month.
The first set of results was released in March and results from two more holes are expected in by early May.
The company has completed definition, infill, metallurgical and geotechnical drilling on the deposit, which consists of a solid sulphide to sulphide breccia with variable amounts of gold bearing pyrite, pyrrhotite, chalcopyrite and sphalerite.
The company plans to use the results in an updated resources estimate which will come out in the second quarter.
Resources were last compiled in February at the inferred level totaling 1.93 million tonnes grading 1.17% copper, 1.71% zinc, 2.94 grams gold per tonne and 10.94 grams silver, containing 30.8 million lbs. copper, 44.7 million lbs. zinc, 111,000 oz. gold and 403,000 oz. silver.
The company plans to have earned a 100% interest in the Hudvam property from HudBay Minerals (HBM-T, HBMFF-O) by the third quarter of 2008 by spending $2.25 million in exploration and making cash/share payments totaling $270,000 over three years.
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