Vancouver– Results from the last 28 holes from Capstone Mining’s (CS-T, CSFFF-o) 2008 drill program at the Minto mine, in the Yukon, confirm good grades of relatively near-surface copper and gold within the Ridgetop zone, about 1 km south of Minto’s open pit.
The results come in anticipation of updated resource estimates for Minto due out the first quarter of 2009.
Holes 358 and 359 returned the best results. Hole 358 intercepted 62 metres grading 0.97% copper, 0.26 gram gold per tonne and 2.5 grams silver starting 53.4 metres down-hole.
That intercept included a higher-grade zone in its upper reaches, cutting 21.1 metres of 1.56% copper, 0.47 gram gold and 3.1 grams silver.
Hole 359 returned similar results, with 61 metres grading 0.72% copper, 0.16 gram gold and 1.5 grams silver starting at 39 metres depth. Within that was a 22-metre zone of 2.12% copper, 0.82 gram gold and 5.1 grams silver, starting 79 metres down-hole.
The 28 holes were part of a 120- hole, 24,000-metre infill and expansion drill program that included three zones, Area 2, Area 118 and Ridgetop– all within 1 km of Minto’s Main zone open pit.
The drilling will form the basis of resource estimates in a pending prefeasibility study intended to look at possible expansion of the Minto mine. Capstone expects to complete the study in mid-2009.
In 2006, Capstone pegged inferred resources at Ridgetop at 4.9 million tonnes grading 0.85% copper, 0.23 gram gold and 2.01 grams silver, with Area 118 weighing in at 6.6 million inferred tonnes grading 0.97% copper, 0.27 gram gold and 3.07 grams silver.
Area 2 held 11.3 million measured and indicated tonnes grading 1.13% copper, 0.4 gram gold and 3.79 grams silver.
In the last quarter ending Sept. 30, the Minto mine, located 240 km northwest of Whitehorse, produced about 7 millions lbs. copper.
On news of the drill results, Capstone closed up 6¢ at 79¢. The company has about 165 million shares outstanding.
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