Sunvest up 14.3% on Clone Project expansion news
Sampling on the Clone property in the Golden Triangle of northwestern British Columbia. Source: Sunvest Minerals Corp.
Sunvest Minerals Corp. [SSS-TSXV; SRKZF-OTC] said Wednesday May 16 that it has significantly expanded its tenure position on the Clone Project located near Stewart in the Golden Triangle region of northwestern British Columbia.
The company said it has added to its position by staking 3,900 hectares, marking an increase of 57%, bringing its total holding to 10,688 hectares.
The company said the claims were strategically acquired to strengthen positions around several previously held Minfile prospects and showings acquired in October 2017, and to cover possible extensions of mineralized showings from a neighbouring company’s properties.
Sunvest shares rallied on the news jumping 14.29% or $0.01 to $0.08 on volume of 327,877.
Background
High-grade gold and gold-cobalt mineralization was discovered at Clone by prospectors in 1995 within a series of shear zones exposed over a strike length of 500 metres and a vertical range of 130 metres. Trenching of the shears returned values ranging up to 3.59 oz/ton gold over 5.5 metres. Significant cobalt values were also found to accompany gold in the southeast portion of the zone.
Since 1995, almost $6 million has been spent exploring a series of occurrences lying along a 2-km package of volcanic and sedimentary rocks.
Sunvest recently said drill core from 1995 was re-sampled by quartering the core with a rock saw. In total, 47 samples were submitted to ACT Labs along with eight control samples to validate the previous assays and improve the Clone mineralization
Results of this program confirmed the existence of three distinct mineralized zones in holes CL95-4 and CL95-11, assisting in future drill planning of multiple zones for resource definition drilling.
“Much of the early drilling on Clone (circa 1990s) assayed only for precious and base metals,” the company said. It also said recent resampling program was analyzed for 39 elements and is being reviewed for distinct specific metal associations that can be applied to the numerous exploration targets on the Clone property and to zonations within the H and S zones.
Staking highlights
On Wednesday, the company said the claims were staked to cover the northern extension off the NE Gossan occurance, identified by Goliath Resources Ltd. [GOT-TSXV] on the northeast portion of Goliath’s Golddigger property. Goliath has reported that a sample on the NE Zone in 2017 returned 2.20 g/t gold, 34.5 g/t silver, and 0.54% lead.
Claims were staked east of Goliath’s NW Gossan target, also on the Golddigger property. The new contiguous border is approximately 1 km east of Goliath’s NW Gossan target.
“These additional claims solidify and ensure-on-trend projections of mineralized zones on the current Clone property and on targets reported on neighbouring properties,” said Sunvest CEO Mike England.
“Assessment files and other company’s public data are being assessed, directed at field investigations in the summer, along with a substantial drill program on the principal targets on the Clone property,” England said.