Paycore Minerals Inc. [CORE-TSXV] reported its exploration drilling results from the company’s 100%-owned FAD property located on the Battle Mountain-Eureka gold belt in Nevada.
Drilling in the FAD Main zone returned 11.53 g/t AuEq (gold equivalent) over 25 metres in hole GH21-04 comprising 1.96 g/t gold, 92.61 g/t silver, 1.26% lead and 7.45% zinc and 13.41 g/t AuEq over 1.8 metres comprising 3.2 g/t gold, 204 g/t silver, 6.86% lead and 7.62% zinc.
“The assay results from hole GH21-04 further confirm high-grade mineralization on the FAD Main zone, which is proximal to the existing FAD shaft. We will continue to drill the mineralized footprint while further testing the stepout potential as we have successfully done with the drill results announced to date,” stated Christina McCarthy, president and CEO.
To date, all holes have intersected high-grade polymetallic (Au, Ag, Pb, Zn) mineralization and demonstrate significant expansion potential. Hole GH21-04 was drilled in the core of the Main FAD zone to confirm historic data and the high-grade nature of mineralization.
The FAD deposit currently has a mineralized footprint of approximately 1.5 by 1.5 km and is open in multiple directions. Outside of the core deposit area little to no exploration has been completed and there are multiple extensions which are largely untested. Additionally, near-surface oxide mineralization was overlooked by previous operators. It has the potential for widespread mineralization proximal to the historic high-grade underground mine that last operated more than 100 years ago.
Paycore has completed drilling for eight holes to date and announced assays for six holes. Assay results are pending for the remaining two holes are pending. The company has completed the phase one drill program consisting of approximately 3,900 metres of drilling. The phase two program has already commenced and will be continuing.
The FAD property is located less than three miles from Eureka and has established infrastructure, including a shaft, roads and old buildings. FAD was previously owned by Barrick Gold. Barrick acquired the FAD property when the company acquired Homestake Mining in 2001.