The Vancouver miner GGL Resources Corp. (TSX-V: GGL) discovered a new copper-molybdenum-gold porphyry deposit at its project in Nevada, which could significantly enhance its revenue-generating potential.
The company announced the discovery on Wednesday and believes it is quite important for the future of the Gold Point project in western Nevada’s Walker Lane Trend.
“GGL feels that this discovery has very important implications for the potential economics of the Gold Point project,” said GGL’s CEO Doug Eaton. He says the possibility of a large porphyry deposit adds a whole new dimension to the company’s exploration efforts and builds on GGL’s successful previous work evaluating the site’s high-grade veins.
The “Le Champ De Gold Point” target was identified through soil and rock sampling, radiometric surveys, systematic reconnaissance geological mapping and helicopter-borne magnetic surveys. It is located 3.5 kilometres west of the project’s gold-rich veins, which have been the historical focus of exploration on the property.
The deposit was given its name in honour of the Le Champ D’Or French Gold Mining Company, which actively managed the Orleans Mine along one of the Gold Point veins between 1912 and 1921.
Map via GGL Resources
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The Gold Point property spans 6,094 acres and covers a series of past-producing underground mines such as the Orleans, Grand Central, Great Western and Hornsville mines.
GGL is also actively involved with diamond exploration projects in Nunavut, Canada and owns the McConnell gold-copper project in British Columbia.
In February at Gold Point, the company reported a high-grade silver intercept of 970 g/t over 1.5 metres and also had a high-grade drill result in January containing 68 g/t gold over 1.4 metres.
As of April 27, GGL had 61.8 million issued shares and 67.3 million fully diluted shares. The company’s stock stayed flat Thursday at $0.07 on the TSX Venture Exchange.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Vancouver-based explorer that has been having recent success in Nevada. The company reported a series of new drill results from its Pan Mine in the state’s Eureka Trend last month that impressed analysts from the financial firm Haywood Securities.
“We are taken aback, or somewhat gobsmacked, by the intervals of gold mineralization being returned from drilling on the Palomino target at Pan,” said the firm’s analysts Geordie Mark and Nicholas Lobo.
Significant intercepts from Pan’s Palomino target included the following:
– Hole PR23-026: 15.2 metres grading 3.84 g/t Au including 13.7 metres grading 4.19 g/t Au
– Hole PR23-058: 27.4 metres grading 2.08 g/t Au including 19.8 metres grading 2.67 g/t Au
– Hole PR23-030: 27.4 metres grading 2.02 g/t Au including 24.4 metres grading 2.19 g/t Au
Calibre’s stock rose by 0.92 per cent Thursday to $1.64 on the Toronto Stock Exchange. Since the beginning of this year, it has increased in value by over 80 per cent.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
