Chibougamau Independent Mines (CBG.V) has reported very interesting drill results at its project in Québec. The company intersected 43.5 meters of 2.93% copper, 39g/t silver and 0.68g/t gold. Unfortunately the true width of this intercept is less than 25% of the reported intersection, which makes the hole less exciting but still appealing.
A second hole intersected 17 meters of true width at 1.12% copper, 6.7g/t silver and 0.32g/t gold which results in a rock value of approximately $95/t.
Chibougamau owns 100% of the property, but Globex Mining Enterprises (GMX.TO) holds a 3% gross metal royalty.
> Click here to read the press release
Disclosure: The author holds no position in Chibougamau Independent Mines. Please see our disclaimer for current positions.
