Prize Mining (PRZ.V) has reported on the final assay results from the Daylight drill program, and the company was actually able to positively surprise us. We were very charmed by hole 7 on the Great Western Zone which returned 71.2 meters containing 1.09 g/t gold, as this compares favorably to the average grade in the historical resource estimate on the property.
We said before Prize should really try to increase the average grade of the gold-bearing zones as a grade of 0.51 g/t gold in south-east British Columbia would make it tough to effectively develop a mine there. And although this 71 meter interval starts at a depth of 74 meters (which is obviously still ‘open pittable’), we are very encouraged by these results as the hole contains several higher grade gore shoots.
In another recently-drilled hole (5), Prize did even better. Not only did it find a 0.9 meter intercept of in excess of 2 ounces of gold per tonne at adepth of just 46.4 meters, we were probably even more impressed with the broader interval of 32.6 meters at 1.16 g/t gold starting just 7 meters below the surface. And although this longer interval predominantly consists of shorter but higher grade zones (like 0.5 meters at 20.9 g/t gold, 0.6 meters at 10.3 g/t gold, etc), this round of drilling at Daylight confirms it will be possible to indeed increase the average grade of the gold zones.
Next up are the drill results from the Toughnut property which we expect to roll in any week now.
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The author has a long position in Prize Mining. Prize is a sponsor of the website. Please read the disclaimer
