Glacier Lake Resources Inc. [GLI-TSXV; CLIF-OTC] on Wednesday May 23 released the results from a maiden diamond drill program on its Silver Vista property near Smithers, British Columbia.
Silver Vista is a district scale property, covering 20,736 hectares, which has the potential to host bulk-tonnage (open pit) silver and copper deposits, the company has said. The initial drill program, comprised of seven holes, or 1,273 metres, was focused on the main MR showing, a classic sediment-hosted, fine-grained, disseminated copper-silver zone.
This marked the first drilling on the Silver Vista property since Equity Silver Mines Ltd., a division of Placer Dome Inc. and now Barrick Gold Corp. [ABX-TSX, NYSE], drilled 14 holes (1,252 metres) between 1991 and 1992.
The company said silver-copper mineralization hosted in fine-grained, clastic sediments was intersected in all seven holes. Hole SV-18-06 returned multiple horizons of mineralization over the entire length of the hole, with the 153.4 metre length averaging 28.9 g/t silver equivalent, comprised of 16.1 g/t silver, 0.05% copper and 0.10% zinc. Hole SV-18-06 was the northernmost hole and the mineralized zone is open and undrilled to the west, north and northwest.
“Results from our maiden drill program on the Silver Vista MR target support a large mineralizing system, with excellent potential to expand the silver-copper zones to the northwest and west,” said Glacier Lake President and CEO Saf Dhillon.
The company said surface work will resume in June to refine the multiple soil geochemistry targets outlined prior to a Phase 2 drill program. Glacier Lake is fully permitted for 10,000 metres of drilling over five years, covering the MR showing targets and the Golden Vista zones discovered in the fall of 2017.
Glacier Lake recently said it has struck a deal to acquire the Hackett and North Wolverine properties in the Sheslay area of northwestern British Columbia.
The properties are located approximately 38 km northwest of the village of Telegraph Creek, and approximately 95 km west-southwest of Dease Lake.
Association for Mineral Exploration British Columbia (AMEBC) notes that: “The Sheslay area, located in northwestern British Columbia, is one of the most promising grassroots mineral exploration areas in Canada, and this highly prospective area has been explored for many years by a number of companies.”
The Hackett property adjoins the eastern border of the Hat property, owned by Doubleview Capital Corp. The western border of the Hackett property is less than a kilometre away from Doubleview’s Lisle Zone. A limited exploration program conducted in 2014 returned strongly anomalous gold and copper values in rock grab samples from oxidized mineralized showings from the western flank of the property.
Two east-west trending mineralized occurrences were discovered in an area of limited exposure. Gold and copper values reported in mineral showings are considered to be significant, representing the first anomalous gold and copper values returned from the Hackett property. They may represent the extension of porphyry style mineralization indicated in surface sampling and diamond drill holes on the contiguous Double Hat property, the company said.
The North Wolverine property is located approximately 6 km southwest of the southern boundary of the Hackett property and is completed surrounded by Garibaldi Resources Corp.’s [GGI-TSXV; GGIFF-OTC] large Grizzly property.
Glacier Lake shares advanced 10% or $0.005 to 5.5 cents on Wednesday. The 52-week range is 12.5 cents and 5 cents.