Scottie Resources Corp. [SCOT-TSXV] shares rallied Friday after the company released impressive drilling results from its Bow Property in British Columbia’s Golden Triangle Region. The Bow Property is located two kilometres northeast of the past-producing Scottie Gold mine.
The junior said drilling on the Bend vein target on the Bow Property returned 73.32 g/t gold and 71.01 g/t silver over a 4.38 metre-core length in drill hole SR19-11. That included 152.5 g/t gold and 143.56 g/t silver over 1.89 metres.
“These results exemplify the high-grade gold and silver potential of the Bow Property,” Scottie said in a news release, Friday.
Scottie shares advanced on the news, rising 10.5% or $0.02 to 21 cents on active volume of 1.23 million. The shares are currently trading in a 52-week range of $0.075 and 25 cents.
Scottie is an exploration stage company engaged in the acquisition, exploration and evaluation of gold and silver properties located in the Golden Triangle, an area of B.C. that ranks among the world’s most mineralized districts.
It is host to past and current mining operations, including Johnny Mountain, Red Mountain, Snip Mine, Premier Mine, Golden Bear and Valley of Kings. Scottie holds a 100% interest in the past-producing Scottie Gold mine, which operated from 1981 to 1985, producing 95,426 ounces of gold from 183,147 tonnes of mineralization.
Scottie has an option to acquire a 100% interest in the 471.92-hectare Bow Property, which is contiguous to the former Scottie mine. Previous exploration work has indicated the existence of 13 different gold-bearing veins on the Bow and Scottie gold properties.
A small drill program in 1985 by Esso (1,091 metres) targeted the Bend vein, where drill results over a 16-metre strike-length interval of the vein returned an average width of 2.0 meters with average grades of 22.7 g/t gold and 67.5 g/t silver. This includes a 4.17-metre true width interval grading 70.65 g/t gold.
Drilling also tested the Blueberry vein, where a 1.59-metre interval was intersected, averaging 26.59 g/t gold and 21.83 g/t silver.
Scottie recently completed a 2,050 drill program on the Scottie and Bow properties. The 20-hole program included drilling on the Bend Vein, Blueberry Vein and Scottie Gold Mine.
On Friday, Scottie said its 2019 drilling program was designed to confirm historical results and expand the known extent of high grade gold and silver mineralization in the Bend vein. The company integrated the historical data and recent 2018/2019 exploration work into new structural models to better understand the geometry of mineralization.
“The assays from the Bend vein confirm the superb results of previous studies and demonstrate a truly underexplored, high-grade gold and silver target,’’ said Scottie President and CEO Bradley Rourke. “Past drilling on the Bend vein only probed to a maximum vertical depth of approximately 55 metres,’’ he said.
“Our drilling this season proves that the mineralized structure extends deeper than previously tested and substantially increased the strike length of the known mineralization.’’
Rourke said drilling in 2020 will allow the company to further prove the scale of this structurally-controlled high-grade vein deposit.