The discovery of a new gold zone has Vancouver-based Minefinders (MFL-T) on a tidy market run.
On July 30 the company announced drill results from its wholly owned La Bolsa property located in Sonora , Mexico and it’s shares have been trading up ever since.
On July 29th, Minefinder’s shares closed at $8.98, but by midday in Toronto on July 31st they were trading for $9.70, an 8% gain.
The results came from step-out drilling that hit upon a new zone of gold and silver mineralization roughly 200 metres east of the current La Bolsa resource.
Highlight intersects include 6 metres grading 12.06 grams gold and 109.8 grams silver and 20.5 metres grading 2.09 grams gold and 35.4 grams silver.
In all, Minefinder’s says, six of the 19 holes that made up the drill campaign targeted the new area of mineralization.
The company will drill the area more extensively now in an effort to better understand the full potential of the zone.
Gold mineralization at La Bolsa occurs within a shallow east-dipping oxidized blanket that is sub parallel to topography and is roughly 900 meters in length and 365 metres in width with thicknesses ranging from 10 to 50 metres.
The company plans to have a pre-feasibility study done on La Bolsa by the end of this year.
The projects first NI 43-101 compliant resource estimate is expected before then, sometime during the third quarter. A historical resource estimate based on 72 holes and done in 1998, put 6 million tonnes of ore grading 1.0 grams per tonne gold and 10 grams of silver in the inferred category.
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