Tasca shares active on B.C. copper project results
Tasca Resources Ltd. [TAC-TSXV; ECMXF-OTC; 3TA-FSE] emerged as the volume leader on the TSX Venture Exchange Tuesday January 22 after the company reported results from diamond drilling at its Poplar copper project located southwest of Houston, British Columbia.
Investors responded by sending Tasca shares down 9.09% or $0.005 to $0.05 on volume of 4.6 million. The 52-week range is $0.035 and 13 cents.
In late November 2018 Tasca said it had launched a drilling campaign that aimed to focus on verifying historic resource estimates and expanding the limits of known mineralization along strike and at depth.
“Poplar is an advanced-stage property with significant exploration upside potential,” said Tasca CEO Clive Massey. “Once we analyze results from the first phase of drilling, we plan to aggressively pursue expansion of the copper deposit to increase both the size and the quality of the Poplar copper mineralization.”
The 62,000-hectare Poplar Project hosts an historical indicated mineral resource of 131 million tonnes, grading 0.31% copper, 0.009% molybdenum, 0.09 g/t gold and 2.39 g/t silver, as well as a historical inferred resource of 132 million tonnes, grading 0.27% copper, 0.005% molybdenum, 0.07 g/t gold and 3.75 g/t silver. This material was identified through the drilling of 147 holes.
The historical indicated and inferred resources were disclosed by Lions Gate Metals Inc. in its technical report, dated March 30, 2012.
However, Tasca has said it will need to review and verify the historical drilling database and twin a number of the existing drill holes to bring the historical resources in line with NI 43-101 standards of disclosure. “Investors are cautioned a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.”
In November 2018, the company said drilling had been delayed by the Nadina Lake forest fire.
On Tuesday, the company said highlights from winter drilling included hole 18-PC-126 which intersected 0.365% copper, 0.015% molybdenum, 0.145 g/t gold and 2.31 g/t silver over 380.97 metres. Hole 18-PC127 returned an average of 0.421% copper, 0.013% molybdenum, 0.105 g/t gold and 2.63 g/t silver over 264.86 metres, including 27 metres of 0.643% copper, 0.030% molybdenum, 0.146 g/t gold and 2.62 g/t silver.
These results further indicate the potential to significantly expand the area of known mineralization at the Poplar property, the company said. It went on to say that based on the latest assay results, an aggressive and extensive drill programme will be designed to continue to expand the size of the known deposit
Tasca said it plans to both continue to drill laterally and to depth to increase the main deposit and to systematically test the satellite zones. A permit for further drilling is in place, the company said.