Shares of San Anton Resource Corporation (TSX: T.SNN, Stock Forum) climbed 35.7% to 38 cents Tuesday after the company announced results from exploration drilling around the Cerro del Gallo copper-gold-silver deposit in Guanajuato state, Mexico.
Highlights included 119.3m grading 0.17% Cu, 0.04g/t Au, 30g/t Ag from 570.0m in hole SA-359 including 9m grading 0.14% Cu, 0.01g/t Au, 45g/t Ag from 588.0m and 7m grading 0.16% Cu, 0.02g/t Au, 39g/t Ag from 604.0m.
"We are pleased with the results of the exploration drilling work completed this year as it has allowed us to identify a number of additional targets around Cerro del Gallo which merit further evaluation," said John Cook, the company’s president and CEO.
San Anton says that since early February, exploration has focused on generating new drill targets within a 2 to 3km radius of the Cerro del Gallo deposit. This work identified 8 targets which were tested by 13 drill holes, however further drilling has been temporarily suspended since mid May 2008.
“The intersection of copper-silver mineralisation in diamond core hole SA-359 indicates the Cerro del Gallo copper-gold-silver deposit extends northwards for at least a further 150m. Copper-silver mineralisation is open at depth and along strike. The incorporation of these copper-silver values into any future resource estimate should result in an increase in the size of the Cerro del Gallo copper-gold-silver deposit,” says the company.
On the Bullboard, gchandler weighed in, saying:
The news is good. Now they are finding zinc and lead. The market likes the news, and investors are starting to pay attention to this story. If the Fed cuts interest rates today that will be very bullish for precious metals IMO. US treasury note returns are at record low yields, with some notes yielding negative rates. The Fed is running out of options and investors will turn to gold, the only true safe haven for cash. SNN has proven deposits that are worth billions. It's only a matter of time, until this world class deposit will be a commercial enterprise[sic].
