A ten-metre intercept averaged 7.14 grams gold per tonne at Typhoon Exploration‘s (TYP-V) 100%-owned Fayolle project in Quebec’s Abitibi region.
The same hole (FA-10-24) included 11.36 grams over six metres with visible gold specks hosted “within an intensely brecciated zone and monzodioritic intrusions,” the company reported.
In addition hole FA-10-24 intersected a quartz-carbonate-cosalite vein with silver-tellurium and returned values of 109 grams silver per tonne, 2433 parts per million bismuth and 248 parts per million molybdenum over 1.6 metres, including a value of 318 grams silver per tonne over 0.5 metres.
Two other holes also returned decent grades with hole FA-10-23 intersecting 1.54 grams gold over 3 metres including 4.34 grams over 1 metre, and hole FA-10-22 cutting 2.78 grams gold over 7 metres including13.05 grams gold over 1 metre and 3.45 grams gold over 1 metre.
The results sent Typhoon’s shares up 5¢ apiece or 5.3% to close at 97¢. Over the last year the company has traded in a range of 15¢ per share (Mar. 4 2010) and a high of $1.71 per share on Sept. 20 2010.
The intersections came from the southwestern portion of the Fayolle deposit, about 30 metres west of previously reported Hole FA-10-04, which returned 112 grams gold per tonne over 6 metres.
The new intersections confirm the lateral extension of mineralized lenses previously defined in holes FA-10-19 to FA-10-21, the company says, with the mineralized lenses oriented north-northwest and hosted within an important deformation corridor that is usually oriented east-west. The main deformation corridor is 2.5 km long by 1 km wide and open at depth.
Under an option agreement with Aurizon Mines (ARZ-T, AZK-X), the latter can acquire up to 65% of the Fayolle project by spending a total of $25 million. Of that, about $6.5 million has been budgeted for the current 50,000-metre drill program underway. So far nine holes have been drilled (about 2,000 metres) and assays are pending.
Typhoon has 19 million shares outstanding, $5 million in cash and no debt.
Be the first to comment on "Promising results at Fayolle for Typhoon Exploration"