Metallic Minerals – 2023 Drill Results At The La Plata Project, And The Inaugural Resource At The Keno Silver Project
Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review both the assay results from the 2023 drill program at the La Plata Copper Project in Colorado; and the inaugural resource at the Keno Silver Project in the Yukon.
We lead off discussing the recent news unpacking the 2023 exploration results at that La Plata Copper-Silver Project that was funded by a May 2023, 9.5% strategic equity investment by Newmont Corporation. In the 4 drill holes over 4,530 meters there were the dual objectives of expanding on the 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and defining the controls to higher-grade mineralization as seen in drill hole LAP22-04. As announced in February 2023, LAP22-04 was a continuously mineralized discovery drill hole that intercepted 816 m grading 0.41% recovered copper equivalent ("CuEq"), with significant widths exceeding 0.5% to 0.7% Cu. The intersection also included higher grade zones exceeding 1% Cu with precious metals grades of up to 11.5 g/t Au+PGE and 47 g/t Ag.
Scott outlined that the 4 holes drilled by the exploration team did follow up on the area near the high-grade intercept hole # LAP22-04, and that three of four holes intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 m in width at 0.3% Cu including significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au and PGEs. Drill hole LAP23-05 intersected 909 m of continuous mineralization from surface grading 0.26% CuEq over the entire hole length, with a 550 m wide higher-grade zone. We discuss the variability in the grade and intensity of the mineralization in all drill holes, based on the density of veining and concentration of associated sulphides that carry the copper, silver, gold, platinum, and palladium. The deposit remains open to expansion at depth and along trend. Defining the geometry of these higher-grade porphyry units and alteration zones is an important focus of follow up drilling at the Allard resource area in 2024.
For the balance of the interview, we pivoted over to the inaugural resource at the Keno Silver project, initially announced Feb 26th, which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake), which is a major milestone for the project. The 171 km Keno Silver Project, neighboring Hecla Mining's current Keno Hill operations, has very clear opportunities to grow the 2024 Resource Estimate quickly and efficiently with additional drilling, while continuing to advance early-stage targets to new discoveries. The Formo target was the highest-grade and largest contributor to the inaugural NI-43-101 mineral resource estimate for the Keno Silver project, and there are opportunities for drilling at depth and along strike to add significant resources in this area, as well as the other 3 key project areas used in this resource.
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.
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