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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


New Energy Metals exploration program confirms high-grade potential in British Columbia project

New Energy intends to continue with exploration and development efforts on the project

New Energy Metals exploration program confirms high-grade potential in British Columbia project
Close up of copper. Photo by Paul-Alain Hunt via Unsplash

New Energy Metals Corp.’s (TSXV: ENRG) (OTCPink: NRGYF) 2022 exploration program on the Troitsa Copper Project in British Columbia confirmed historical channel and drill intercepts defining the main zone, displaying significant potential for future development.

On Thursday, the company announced the program’s extensive geographic mapping and sampling concluded with the discovery of 26 samples with an average of 0.61 per cent copper.

The Trogold showing, located approximately 2 kilometers southeast, is believed to be an extension of the main zone geology. Here copper grades range from 0.15 per cent Cu to 0.87 per cent Cu. These findings were observed at the center of a zone containing sulphide veinlets within the stock, which exhibited copper concentrations of 0.57 per cent Cu and 0.76 per cent Cu.

Gold mineralization has been confirmed at Trogold based on two samples, with gold grades measuring 6.5 grams per tonne (g/t Au) and 2.9 g/t Au.

Peripheral-zone porphyry lead-zinc (Pb-Zn) mineralization has been verified at Astiort, Tro, and Troitsa Easter.

Troitsa is situated 30 kilometers to the south of the well-advanced Berg porphyry copper deposit, and 15 kilometers southwest of the Huckleberry past-producing porphyry copper-moly deposit and the nearby Ox and Seel developed porphyry copper prospects.

New Energy intends to proceed with additional exploration and development efforts on the Project, with the primary objective of expanding the mineralization within the main zone.

Troitsa property location map. Image via New Energy Metals.

Read more: Calibre reports high-grade results from Talavera deposit in Nicaragua

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Historical exploration involved channel sampling

Historical exploration efforts involved channel sampling, where a series of 121-meter samples collected from the dike yielded an average copper grade of 0.28 per cent Cu. This finding was further confirmed by long drill intercepts that revealed copper mineralization in seven holes spanning a 600-meter strike length.

In the 2022 exploration program, a total of 31 mineralized samples were obtained from creek outcrops previously sampled channel. Additionally, three whole rock samples and three quality control (QP) check samples were taken.

The average copper grade of 0.61 per cent was derived from 26 out of 31 samples acquired from the main zone, excluding five high-grade veins with copper concentrations exceeding 1.4 per cent Cu.  Molybdenum also exhibited significance, averaging 909 ppm Mo within the same 26 samples, some of which displayed exceptionally high-grade molybdenum content.

Additionally, molybdenum concentrations were capped at 1 per cent Mo, yielding an average of 215 ppm Mo across 29 out of 31 samples. The company collected three samples to validate the main zone sampling results. These measured 0.84 per cent Cu, 0.21 per cent Cu and 0.11 per cent Cu.

Troitsa Rock Samples map. Image via New Energy Metals.

Read more: Calibre Mining Nicaraguan operations thrive with hub-and-spoke model: Raymond James

Read more: Calibre Mining reports record gold production in Q1 2023

Exploration leads to five samples from rusty veins

Further exploration traced the mineralization of the main zone northwestward beyond drill intersections, leading to the collection of five samples from rusty weathering veins and breccia zones located on the North Ridge.

The Trogold showing is situated on the northwest slopes of Piano Peak within a cirque that is experiencing rapid ice cover loss. Notable findings from a previous survey performed by Callinex Mines (CSE: CNX) conducted in 2011 include several samples with high gold content ranging from 5.1 to 19.4 grams per tonne. In 2022, mapping efforts on the outcrops at the showing and the nearby lower slopes of the cirque returned 25 samples.

At the original Trogold showing, two out of six samples confirmed the presence of gold-rich samples. These samples included sample grading 6.5 grams per tonne Au and 0.86 per cent Cu, and the other measuring 2.9 grams per tonne Au. Additionally, two samples of granodiorite with disseminated chalcopyrite exhibited copper grades of 2.6 per cent and 0.94 per cent Cu.

The sampling and assay results suggest similarities between the Trogold showing and the main zone showings located 2 kilometers to the northwest.

Previous samples collected in the area by Callinex yielded an average copper grade of 0.33 per cent Cu and 197 ppm Mo, excluding two vein samples assaying 4.5 per cent and 2.4 per cent Cu.

Read more: Calibre Mining well-positioned to continue organic growth through gold grade increases: Cormark Securities

Read more: Calibre Mining expands high-grade gold discoveries at Panteon North

Samples with higher copper grades also show gold

Thirteen mineralized samples and two whole rock samples were obtained from quartz sulphide veins present in granitoid and mafic volcanic rocks at the Cirque showing. Copper grades in the samples varied, ranging from 0.05 per cent Cu in a semi-massive pyritic vein to 7 per cent in a 2 centimetre chalcopyrite vein within granodiorite.

The average copper grade of 11 out of 13 samples was 0.21 per cent (capped at 1.4 per cent, excluding 5 per cent and 7 per cent Cu). Samples with higher copper grades tended to exhibit elevated gold assays, with values of 0.54 and 0.44 grams per tonne

However, one quartz vein sample with only 0.15 per cent Cu yielded 0.99 gold grams per tonne. Molybdenum concentrations ranged from 1.3 ppm to 549 ppm, averaging 175 ppm Mo across all 13 samples, indicating that higher molybdenum grades were independent of copper grades.

Among the eight new samples collected, excluding a sample with a copper grade of 7.4 per cent Cu, the average copper grade was 0.44 per cent Cu. Two of these samples displayed significant galena and sphalerite content, measuring 8.6 per cent and 7.0 per cent Pb, and 0.34 per cent and 0.53 per cent Zn, respectively. The excluded high copper sample also exhibited grades of 3550 ppm Mo, 98 grams per tonne Ag, and 599 ppm Bi.

New Energy Metals shares rose 15.4 per cent on Friday to trade at $0.15 on the TSX Venture Exchange.


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