Recent drilling by West Point Gold (TSXV: WPG; US-OTC: WPGCF) at the Tyro Northeast (NE) target, part of its Gold Chain project in Arizona has returned high-grade results and extended gold mineralization downwards from 50 to 70 metres. Shares rose.
Highlight hole GC25-81 cut about 37 metres grading 7.35 grams gold per tonne from 161.5 metres depth, including 26 metres at 9.95 grams gold, West Point reported on Tuesday.
“Our current drilling at NE Tyro has exceeded expectations,” President and CEO Derek Macpherson said in a release. “By stepping beneath the earlier holes, we successfully extended the high-grade zone at depth, confirming continuity and showing the system is strengthening as we move down-dip.”
Golden district
Located in the Oatman mining district in western Arizona, the site of a local gold rush in the early 20th century, Gold Chain is 15 km north of Mako Mining’s (TSXV: MKO; US-OTC: MAKOF) producing Moss gold-silver mine. It also sits in between several historic mines including Frisco, Arabian, Katherine and Pyramid. Gold Chain is about 150 km southeast of Las Vegas.
West Point shares gained 2% to 81¢ apiece on Tuesday morning in Toronto, valuing the company at $85.4 million. The stock has traded in a 12-month range of 26¢ to 80¢.
Hole GC25-81, one of the 10,000-metre Tyro NE program’s two initial holes, was aimed at testing the gold mineralization below hole GC25-47, which the company drilled in April. It returned 50 metres at 3.76 grams gold from 79 metres depth including 33.5 metres grading 5.46 grams gold.
Veins coming together
The grade increase from hole GC25-47 to GC25-81 suggests a coalescing of veins and veinlets downwards – a common feature of many epithermal vein systems, West Point said. GC25-81 also crossed the Tyro NE vein about 70 metres below GC25-47, pointing to a widening of the zone downwards and northeast.
The other highlight hole reported Tuesday, GC25-80, cut 44 metres at 1.11 grams gold from 157 metres depth, including about 17 metres grading 2.43 grams gold.
The two holes together represent 457 metres of the 2,030 metres drilled so far in this portion of the campaign, which is designed to support an initial resource. The company hasn’t specified when the resource will be released.
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