Yukon Metals (CSE: YMC; US-OTC: YMMCF) shares rose on Wednesday after it released sampling results from the AZ project with copper grades as high as 3.49%.
The Canadian junior kicked off exploration on the 117.5-sq.-km AZ property, located near the Alaska border about 400 km northwest of Whitehorse, last September with a helicopter-supported mapping and sampling program. Crews followed a prominent zone of rust-coloured, iron-stained rock over 1.2 km on the northern and eastern flanks of Chair Mountain, an area with limited historical work.
The team found consistent copper mineralization along this prospected area. Of the 60 rock chip samples taken, 18 samples showed significant copper content, with assays ranging from 0.12-3.49%.
“Yukon Metals is moving forward with an exciting phase of exploration, including advancing drilling at AZ’s Chair Mountain and conducting detailed mapping and sampling to define additional targets,” CEO Rory Quinn said in a release.
Shares in Yukon Metals closed 18% stronger at 65¢ apiece on Wednesday in Toronto for a market capitalization of $57.8 million. Over the past 52 weeks, it traded between 32¢ and $1.
17 properties
The fully-owned AZ is the largest of 17 properties across 425 sq. km the company holds in Canada’s far northwest territory. It’s located 35 km south of the community of Beaver Creek. The Chair Mountain area is 6 km from the Alaska Highway.
The property is host to four historic mineral occurrences (Wrangell, California, Nutzotin and Chair Mountain), listed respectively by the Yukon Geologic Survey as porphyry copper-molybdenum-gold, intrusion related gold, skarn copper, and polymetallic vein hosted silver-lead-zinc+/-gold.
Yukon Metals says the AZ property occurs in a similar geologic setting to deposits just across the Alaska border, such as Bond Creek and Orange Hill.
Looking forward, Quinn added that the company has drilling planned at three key projects: the Star River gold-silver property, the Birch copper-gold property and the AZ property, all holding potential for copper, precious and critical metals discoveries.
Last week, Yukon Metals announced that it has identified several high-priority drill targets at the Birch project, where rock chip sampling returned values up to 2.42% copper and 14.1 grams gold per tonne. The 70-sq.-km property is located 65 km northeast of Burwash Landing in the territory.
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