The move comes after the company recently raised $11.5 million from a brokered private placement offering of units and flow-through units.
York Harbour is an exploration and development company with a focus on the York Harbour project, a past producing mine located 27 kilometres from Corner Brook, Nfld.
The first three phases of exploration completed by the company were designed to accomplish a number of key objectives, including confirmation of the historic Main Mine area with 254 documented drill holes, many of which did not have reported assay results. Another objective was to better understand the orientation of the copper and zinc-rich volcanogenic massive sulphide (VMS). A third objective was to begin testing for strike and dip extensions of the known mineralization. “All of these objectives were achieved, with excellent results,’’ the company has said.
The 2022 Phase 4.0 exploration program is designed to expand the company’s knowledge of the economic potential within the Main Mine area and elsewhere within the large 4,725-hectare property.
The initial part of the program will test the depth extensions of he drill indicated VMS mineralization within the northeastern (A, D-G zones) and southwestern (H zone) parts of the Main mine area.
Drilling will then begin testing other potential copper-zinc mineralized areas such as the No. 4 Brook and K zones that have not received any detailed exploration since the early 1990s. “The follow-up drilling within the Main mine area and initial exploration drilling on the No. 4 Brook, K zone and high priority IP (induced polarization) targets are estimated to exceed 7,500 metres,’’ the company said in a press release.
On Tuesday, York Harbour shares eased 1.75% or $0.01 to 56 cents in light trading. The shares are currently trading in a 52-week range of $1.49 and 34.5 cents.
The company (formerly Pheonix Gold Resources) has said it plans to continue drilling the 11 known mineralized zones and test other new massive sulphide targets, like the No 4 Brook showing, while focusing on gaining access to the 400-level and sea level adits.
The company secured the right and option to acquire a 100% ownership of the York Harbour property under a February, 2021, agreement between York Harbour and WBN Prospecting Group, which consists of Grassroots Prospecting & Prospect Generation Inc. (31.6%), United Gold Inc. (31.67%), G2B Gold Inc. (31.7%), Newton Bell Holdings Ltd. (2.5%) and Fahmy Consulting Inc. (2.5%).