Brigadier Gold (BRG.V) has released the final batch of assay results from its Phase I drill program on the Picachos gold-silver project in Mexico. The company completed in excess of 5,000 meters of drilling in 50 holes, and the Phase I drill program was designed to follow up on some of the high-priority drill targets (of which most have never been drill-tested in the past). Eleven different prospects were drilled with mixed results, which was to be expected from a first pass drill program.
The company correctly highlights the 7 meters containing 7.45 g/t gold and 51 g/t silver in drill hole 1 and although the best results are rarely encountered in the first hole on the project, this does seem to be the case at Picachos as the excellent result in hole one hasn’t been replicated yet elsewhere on the property. The assay results of the final three holes of the Phase One drill program still have to be received. Those three holes totalled about 518 meters of drilling and were designed as a fence across the El Placer Northe area.
Of course, exploration is never easy, and Brigadier Gold seems to be sufficiently encouraged to continue its exploration activities at Picachos (although no details were provided on the Phase Two diamond drill program mentioned in a February update). In its press release, Brigadier Gold also seems to be hinting at going back to the copper porphyry target in the northwesternmost section of the property for a summer mapping and sampling program.
While the exploration results of the Phase One drill program at Picachos remained below expectations, the share price is likely also facing some pressure from the owners of the roughly 7 million warrants with an exercise price of C$0.10 which will expire in about two weeks.
Disclosure: The author has no position in Brigadier Gold. Brigadier Gold is a sponsor of the website. Please read our disclaimer.
