Doubleview Gold Corp. [DBG-TSXV] shares were active Thursday after the company said drilling had returned a 907.8-metre polymetallic intersection at the company’s 100%-owned HAT property, which is located in the Golden Triangle area of northwestern British Columbia.
It marks the longest mineralized intersection encountered to date at the project’s Lisle Deposit.
The company also said step out drilling approximately 1.5 kilometres west of the Lisle Deposit has resulted in the discovery of the “O’Zone”
Drill hole H036 intersected a 907.8-metre mineralized intersection, grading 28.64 g/t Scandium (Sc) and 0.41 g/t gold equivalent (AuEq), (0.31% copper equivalent), including 563.4 metres averaging 26.20 g/t Sc and 0.50 g/t AuEq (0.37% CuEq).
Step out hole H037 intersected 133.3 metres of 32.5 g/t Sc and 0.35 g/t AuEq (0.26% CuEq) in the O’ Zone. The porphyry-style mineralization in this hole was encountered in an area that was previously unexplored by drilling.
“The HAT property is now recognized as a polymetallic porphyry deposit containing copper, gold, cobalt, palladium, and scandium,” the company said. Metallurgical studies for the full spectrum and recovery of critical metals is now underway.
Doubleview shares declined on the news, falling 19.6% or 20 cents to 82 cents on volume of 2.8 million, as investors elected to take profits from the recent run up in the share value. The shares are currently trading in a 52-week range of $1.18 and 20 cents.
“We re extremely encouraged by the significant intercept in drill hole H036, the new discovery of 0’Zone in drill hole H037 and the potential for economic recovery of Scandium,’’ said Doubleview CEO Farshad Shirvani.
Scandium is a soft, silver metallic element. It can be applied across the high-end range of existing aluminum alloys to produce significant performance gains. For example, adding scandium to aluminum adds considerable strength, retains weldability, and preserves notch strength and corrosion resistance in alloys.
Mining industry officials have said scandium has a clear role to play in the development of next-generation materials for lithium-ion batteries that will make batteries safer, lighter, more durable, faster to charge, more powerful, and more cost-effective.
Shirvani said the company is preparing for a summer/fall drill program at HAT. “With in excess of $5 million in the treasury, Doubleview is fully funded to complete its next phase of drilling, which will be designed to expand the O’Zone discovery and further delineate the Lisle deposit,’’ he said.
The company said Scandium is a metal of interest, but has been excluded in the equivalency calculations until metallurgical testwork demonstrates the technical feasibility of Scandium metal recovery.