Metallic Minerals Corp. [MMG-TSXV; MMNGF-OTC] on Wednesday December 13 said drilling has returned bonanza grade silver assays from the company’s 100%-owned Keno Silver Project in the Yukon Territory.
The company said the results are from seven holes drilled on the Caribou and Duncan targets in the Keno Summit area. A total of 1,320-metres of diamond drill core was collected from 14 holes in 2017 in areas that were deemed priority targets during initial exploration work.
They include Caribou, Duncan and two vein targets in an area known as Homestake.
Results clearly show that the Caribou target is a classic Keno-type, high-grade system with bonanza grades, the company said. For example, hole CH017-023 intersected 1.6 metres grading 2,851 g/t silver equivalent (1,405 g/t silver, 26% lead, 3.7% zinc, and 0.28 g/t gold). Results also show that the system is open to further expansion down dip to the north and south.
Final results from 2017, including the drilling from two priority targets on the Homestake block, are anticipated in the coming weeks, the company said.
Metallic Minerals is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold in the Yukon within underexplored districts. The company’s flagship Keno Silver Project is located in the historic Keno Hill Silver District, an area that has produced over 200 million ounces of silver.
The property is adjacent to Alexco Resource Corp.’s [AXR-TSX, AXU-NYSE] United Keno Hill Mine site, which ranks as Canada’s second largest producer of silver, behind Cobalt, Ontario. After a four-year pause, Alexco is getting ready to restart production at United Keno Hill.
Metallic Minerals’ land package covers the eastern portion of the district, along with portions of the western and southern sides, and represents a continuation of the same geological structures and host rock associated with mineralization on Alexco’s ground to the west.
The Keno Silver Project was host to eight historic silver mines with some of the highest grades in the district and five that had average production grades above 5,000 g/t. However, the eastern portion of the district has seen little modern exploration due to the longstanding, fragmented, private land ownership structure, which has now been largely consolidated by Metallic Minerals.
Prior to commencing drilling this year, the company’s technical team reviewed decades of modern geological data in a bid to establish priority exploration targets for the 2017 field program which was completed in September, 2017.
“We are very pleased with the first drill results from the Keno Silver Project, which support our strategy of systematic exploration to rapidly advance targets to drill stage and potential resource delineation,’’ said Metallic Chairman and CEO.
In late morning trading Wednesday, the stock was up one cent to 31 cents.