Granite Creek hits 1.18% CuEq over 105.52 metres
Granite Creek Copper Ltd. [GCX-TSXV, GCXXF-OTCQB] on Tuesday announced impressive drilling results from its Carmacks copper-gold-silver project in the Canadian Yukon.
Highlights include drill hole CRM21-011, which intersected copper sulphide mineralization, grading 1.18% copper equivalent (CuEq) (0.96% copper, 0.01% molybdenum, 0.18 g/t gold, and 4.06 g/t silver over a 105.52-metre interval.
This long interval included a high-grade intercept of 2.55% CuEq (2.17% copper, 0.01% molybdenum, 0.36 g/t gold, and 9.13 g/t silver) over 21.22 metres.
Also, within the 105.52-metre interval, grades reached an impressive 19.72 CuEq (18.97% copper, 0.46 g/t gold and 38.3 g/t silver) in 0.5 metres of semi-massive chalcopyrite.
Granite Creek shares eased 2.8% or $0.005 to 17 cents in light trading volume. The shares are currently trading in a 52-week range of 28.5 cents and 11 cents.
A member of the Vancouver-based Metallic Group of companies, Granite Creek is engaged in high grade copper-gold exploration and development in Canada’s prolific Minto Copper Belt.
The Minto Copper belt is a northwest trending corridor of mineralization in the west-central Yukon, about 192 kilometres north of Whitehorse, that includes the Carmacks copper-gold-silver deposit, the active Minto copper-gold mine and several other copper-gold-silver showings.
The preliminary economic assessment (PEA) stage Carmacks deposit, hosts 23.76 million tonnes (oxide and sulfide combined) grading 0.85% copper, 0.31 g/t gold, containing 446 million pounds of copper, 237,000 ounces of gold and 2.4 million ounces of silver (in the measured and indicated category,
Granite Creek said Carmacks Zone 1 hosts a portion of the overall 23.76 million tonnes of the current mineral resource estimate and remains open at depth and along strike.
Starting at only 200 metres from surface, the sulfides in Zone 1 have the potential to add additional tonnage to the contained resources and could become part of an updated economic study, the company has said.
Priority targets for this year’s drilling program include the underlying sulfide potential at Carmacks Zone 1, Carmacks Zone 2,000S, 12 and 13, as well as following up on last year’s success at Carmacks North Zone A.
Granite Creek recently completed Phase 1 of its 2021 drilling program. It consisted of 19 holes, totalling 6,355-metres on zones 1, 2000S and 13 of the Carmacks deposit. A phase 2 program, consisting of 3,000 metres has already begun, and a third phase will likely commence in September, 2021.
Results from the 2020 and 2021 drill programs are expected to be included in an updated NI 43-101 compliant mineral resource estimate.
On Tuesday, the company said drill hole CRM21-011, along with four other drill holes from a 2021 Phase 1 drill program have extended the known mineralization in Zone 2000S from 30 metres to 100 metres below the current block model.
The company said it believes these results will add significant additional tonnage to the updated resource estimate. The entire mineralized section encountered in CRM21-011 is outside the current block model, providing a greater than 100-metre potential expansion below the current resource area.