Canterra Minerals (CTM.V) has released the assay results of all seven holes it drilled on the Lemarchant project in Newfoundland. While four holes did not encounter mineralization and one hole had to be abandoned prematurely due to the early start of the Spring thaw, two holes contained mineralization, hole LM-24-164 clearly was the best one as it encountered 28 meters of 1.19 g/t gold, almost 68 g/t silver, 5.42% zinc, 1.33% lead 0.48% copper. Within that wider interval, there was a higher grade section with 9.5 meters containing 1.56 g/t gold, 52.3 g/t silver (which is lower than the average grade in the wider interval) as well as almost 13% ZnPb and 0.66% copper.
The second hole, LM-24-165, also encountered mineralization but the interval of 1.37% was clearly narrower than hole 164, while it was very copper-heavy with a copper grade of 2.86% Cu and barely any gold and no zinc or lead at all. Within this wider interval, there was a narrower 0.87 meter with an average grade of 4.25% copper.
It is a pity holes 166 to 168 failed to encounter any significant mineralization, these holes were the company’s ‘pure exploration’ ideas and imply the modelling of the Lemarchant Fault which controls the mineralization in that area will need more work.
CEO Chris Pennimpede commented the company is encouraged by the initial results and plans to complete additional drilling as there are still several other high priority drill targets on the property.
Disclosure: The author has a long position in Canterra Minerals. Canterra Minerals is a sponsor of the website. Please read the disclaimer.
