MTB Metals (TSX-V:MTB, OTCQB:MBYMF) told investors it intersected evidence of porphyry-style alteration and mineralization in all three of the first drill holes on its Telegraph copper-gold project in British Columbia's Golden Triangle as drilling continues.
The company said the widely spaced holes confirm the potential of an extensive mineralized porphyry system, also noting that the geological setting of the Telegraph property is similar to four world-class porphyry copper-gold deposits in the same region, all of which are being advanced by major mining companies.
“The success of these early holes into this extensive mineralized system is a tribute to the geological team who are applying a systematic targeting approach,” MTB president Lawrence Roulston commented in a statement.
“The team used seven geoscience criteria, including geophysics and geochemistry. The information from these early holes is providing valuable information which will guide the next phase of drilling."
The company reported initial visual results from the first hole in August. The hole tested an induced polarization chargeability anomaly coincident with a copper soil geochemistry anomaly and mineralized breccia mapped on surface. The drill core samples were shipped to ALS laboratories, with assays pending.
The second hole tested a second chargeability anomaly 2.5 kilometers (km) southeast of Hole 1. The company said this target could represent a separate porphyry center. The hole encountered intense pyrite-dominant sulphide stockwork and is interpreted to be phyllic alteration peripheral to a porphyry center.
MTB said logging and geochemistry from drill core, combined with surface mapping and geophysics should provide important vectors for future drill targeting.
The third hole, 700 meters (m) southeast of the first hole is currently being drilled and has intersected potassic alteration and copper mineralization with many similarities to the first hole. Drilling continues, with some copper mineralization still visible at 500m. The company noted that the first and third holes have traced porphyry style with copper mineralization for 700m on strike.
Drilling is proceeding on schedule and is anticipated to continue through October, MTB said.
It has also initiated an additional induced polarization (IP) geophysical survey to fill the gap between the two previous surveys, which it said have proven to be a meaningful tool for targeting on the property.
The area of interest has a high concentration of copper-rich soils and could quickly become drill targets for next season, the company said.
“In recent times, only five holes have been drilled on the property,” MTB vice president for exploration Lucia Theny added.
“We are encouraged and excited by the visual drill results so far, which includes porphyry style copper mineralization intersected in drill core over 700-metres on surface."
MTB Metals has six active projects spanning 670 square kilometres in the Golden Triangle region of northern British Columbia, with a focus on the Telegraph project. Discussions are now underway leading to joint ventures and/or spinouts of other projects.
Contact the author at stephen.gunnion@proactiveinvestors.com