Metallic Minerals – High-Grade Silver Drill Assays Returned From The Formo Target At The Keno Silver Project
Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins me to review the ongoing exploration strategy at the Keno Silver Project in the Yukon, and at the La Plata Copper Project in Colorado; with updates on both projects.
We lead off discussing the recent high-grade silver drill intercepts and some wide meter mineralization from the 1,100 meter and 4 drill holes just released to the market in a news release this morning from the Formo Target at the Keno Silver Project. These holes were focused on further exploration the high-grade veins stepping out and at depth on a few targets within the Formo zone, which is in the western part of the project.
Drill hole # FOR23-03 represents one of the best intercepts to date for the Keno Silver project, returning grades of 256 grams per tonne (g/t) silver equivalent recovered (Ag Eq) over 46 meters; with multiple internal higher-grade zones including, 3.3 meters of 1,413.45 g/t Ag Eq (562.4 g/t Ag, 0.20 g/t Au, 2.35% Pb and 20.3% Zn). The bulk tonnage interval of this hole represents one of the highest gram-meter (g/t Ag Eq x interval thickness) intervals on the Keno Silver project to date, and extended mineralization by 140 m from the nearest 2022 and historic drill holes. This is also the deepest intercept to date on the Formo vein structure (only 275 m vertically from surface) and mineralization remains fully open down dip and along strike.
Formo is anticipated to be one of the highest grade and largest contributors to the forthcoming inaugural NI-43-101 mineral resource estimate for the Keno Silver project, currently nearing completion by SGS Geological Services, and slated to come out in the first quarter of 2024. The decision was made in Q4 of last year to hold off publishing the Maiden Resource Estimate at the Keno Silver Project so that these drill results from the Formo target can also be included. This inaugural resource will be the culmination of much of the exploration work completed since acquiring the project in 2017, and will feature resources from 4 key target areas of interest at the deposit; Formo, Caribou, Homestake, and Fox. The exploration team is getting more encouraged that in addition to bulk tonnage open pit opportunities at each of these targets, that there may additionally be selective higher-grade underground mining opportunities.
We then wrapped up shifting over to the La Plata Copper-Silver Project in Colorado and some of the key takeaways thus far on the 4,500 meters of drilling completed at the La Plata copper-silver-gold-PGE alkalic porphyry project in last year’s exploration program. Assay results will be released to market, subject to the lab getting them back, by the end of the first quarter. Scott outlined that the exploration team followed up on the area near the high-grade intercept hole #22-04 which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). This hole generated more interest in this project from larger companies, and lead to the announcement on May 18th of the $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata Project.
If you have any follow up questions for Scott on Metallic Minerals, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Metallic Minerals.