Papillon Resources (ASX:PIR) has announced the results of a shallow-hole drill program at its Fekola gold project in Mali, Africa. The company drilled 61 Reverse Circulation holes and encountered some very nice surprises such as 4 meters at 25.5g/t gold and 3 meters at in excess of 1 ounce per tonne of gold almost at surface (starting at a depth of 9 meters).
As the program was aiming to find and delineate more near-surface gold deposits around the Fekola project, one could say the company was quite successful, as some of these drill results are not just very encouraging but also extremely exciting.
However, as the share price increased to A$1.48/share, it might be wise to take some money off the table here as Papillon’s share price has increased faster than other gold mining companies.
> Click here to read the press release
Disclosure: The author holds no position in Papillon Resources. Please see our disclaimer for current positions.
