RE: I expect...HIT
Ya gotta read the research..! (see below)
Here is an excerpt from the press releases on their web site.
Have a look at the grades previously found in the 56 prior holes (1988)on this property. Over 15 grams/tonne over substantial widths....
I don't believe they will be throwing a 6 hole drill program into the wind with all the potential targets arising from previous success. What we need here is to establish a resource size that will lead to a calculable find. Read the last paragraph....."feature covers known mineralization and has the potential to be quite large".
THATS WHAT WILL BE HIT !!!
Some good cheap buying today... I can't believe my luck.
Where can you get in on a know resource with so few shares out (15M)... not to mention the many other qualities/potential of this stock. (Read up on other properties)
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Snip North Property
The Snip North Property is located immediately to the north of the SNIP Mine. Several previous phases of exploration have been carried out and comprised mainly geological mapping, trenching, geochemical surveys (heavy mineral, silt, soil and rock), and lesser amounts of prospecting, geophysical surveys (VLF and EM - both ground and airborne) and 56 diamond drill holes. The Gorge showing was evaluated by a number of drill holes – both on the area covered by the Newcastle’s Snip North claim and the area immediately to the west. The Gorge showing, which straddles the Snip North western claim boundary confirmed the presence of significant gold grades (>15 grams per tonne) over substantial widths (>2.0 metres). An analysis of the drill results indicates that the gold-bearing structures are disjointed and/or are developed along more than one attitude.
A large zone of porphyry copper and molybdenum mineralization has been identified near the center of the property. The table below indicates that several holes intersected abundant disseminated and stringer veins of chalcopyrite with significant amounts of molybdenum mineralization from the surface to the bottom of the hole. The porphyry zone is enveloped by a broad pyrite halo containing gold and copper values. To the north and northwest, the disseminated pyrite mineralization abruptly changes to mineralized shear zones carrying quartz and sulphide veins.
Significant Assay Results From Meridor's 1988 Drilling Program
Hole # From
(m) To
(m) Interval
(m) Gold
(g/t) Copper
(%) Molybdenum
(%) Silver
(oz/t)
88-3 27.10 28.41 1.31 2.15 0.29
58.89 60.20 1.31 3.20 0.19 0.27
88-5 55.41 55.90 0.49 1.49 0.73 1.50
92.29 94.58 2.29 1.59 0.25
122.41 123.99 1.58 2.49 0.75 0.44
163.19 164.29 1.10 1.93 0.41 0.22
88-6 63.70 65.20 1.49 2.05 0.44 0.14
67.94 70.59 2.65 16.48 0.75 0.91
72.91 74.40 1.49 2.43 0.55 0.24
88-8 27.31 28.80 1.49 3.51 0.09
88-10 58.31 59.01 0.70 2.67 0.20
incl. 14.69 15.70 1.01 1.87 0.02 0.012
88-12 100.00 100.61 0.61 2.24 0.13
88-13 0.00 152.10 152.10 0.40 0.13
incl. 126.10 127.89 1.80 5.13 0.16
88-15 53.10 57.70 4.60 0.93 0.68 0.040
88-16 16.89 19.90 3.02 1.87 0.57 0.018
88-17 0.00 89.00 89.00 0.75 0.10
incl. 4.30 6.19 1.89 5.41 0.13
incl. 22.40 25.69 3.29 3.89 0.30
and 24.41 25.02 0.61 8.09 0.19
88-18 0.00 146.61 146.61 0.31 0.13 0.023
incl. 96.50 97.41 0.91 1.15 0.67 0.081
88-26 22.65 24.38 1.74 2.64
88-27 15.00 18.65 3.66 10.51
30.69 31.70 1.01 2.67
33.50 34.72 1.22 2.95
88.29 30.08 30.69 0.61 4.79 0.54
88.31 12.68 13.69 1.01 11.51 0.91
88-33 76.54 77.05 0.52 2.49 1.03 5.30
88-35 27.46 28.07 0.61 5.16 0.30
36.30 37.12 0.82 3.86
The porphyry copper/molybdenum mineralization embodies a first class target. A large ovoid magnetic feature encompasses the known mineralization and suggests that the porphyry mineralization has the potential to be quite large. The possible extensions to the high-grade Gorge vein system also represent significant targets. In addition, there are several small gold-in-soil geochemical anomalies, which have not yet been investigated and but represent valid exploration targets. Previous workers have noted that magnetite is associated with several of the showings.