Calvista Gold Corp. (TSX:T.CVZ, Stock Forum) said that the recent drilling at its Buenavista prospect has returned gold intersections as high as 17.15 grams per tonne.
The gold prospect, located in the California Valley in Santander, Colombia, has an estimated resource, based on the Phase I drill program, of 51,009 ounces of gold and 285,649 ounces of silver.
According to the press release, highlights from the recent Phase II drilling program at the Buenavista prospect include interceptions at three metres at 7.8 grams per tonne gold, 5.15 metres at 2.56 grams per tonne gold, seven metres at 11.34 grams per tonne gold and four metres at 17.15 grams per tonne gold.
The Phase II program at the Buenavista prospect targeted mineralized zones identified in the Phase I drilling program, plus along strike extensions from the Aserradero mineralized zones.
The company believes the number of valuable intersections suggests a porphyritic environment with disseminated gold-silver mineralization and associated copper.
A 10,000 metre phase III diamond drilling program is currently being prepared, and is expected to commence in the last quarter of this year.
Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals.
On Wednesday, Calvista was up 3% and was trading at $0.40 a share. The company has a market cap $19.9 million, based on 49.9 million shares outstanding. The 52-week high and low was $0.89 and $015 respectively.