C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) told investors that assays from the first drill hole of the 2023 program at the Camel Hill copper-gold porphyry prospect at its Bellas Gate project in Jamaica have revealed even more promising results.
The Canadian company said drill hole CMH8350-001 assayed 207.8 metres (m) at 0.43% copper and 0.20 grams per ton (g/t) gold (0.57% CuEq) from a depth of 22m, including 135.0m at 0.52% copper and 0.27 g/t gold (0.71% CuEq).
"After reporting strong initial results at the Provost porphyry approximately 4km from Camel Hill, we now have intersected even higher grade copper-gold mineralization, essentially from surface, in the first drill hole of this program at Camel Hill,” C3 Metals president and CEO Dan Symons said in a statement.
C3 Metals said it is now evaluating a cluster of high-priority copper-gold porphyry and associated epithermal targets that extend from Camel Hill to Provost.
It explained that the drilling has two goals: to build a significant volume of near-surface copper-gold mineralization and to delineate higher-grade, bornite-rich potassic cores commonly found in most economic porphyry systems.
“Drilling to test for depth extensions of the Camel Hill mineralization is currently underway,” Symons added.
“Over time we intend to systematically drill test this entire 4km porphyry footprint extending from Camel Hill to Provost. Assays are pending for multiple drill holes, all of which display visible copper sulphide mineralization.”
C3 Metals said drilling at Bellas Gate continues to evaluate two parallel copper-gold porphyry and epithermal belts using two rigs. Its man-portable rig is currently drilling a porphyry copper-gold system at Provost that is overprinted by high and intermediate sulphidation epithermal style mineralization.
The larger capacity contract rig has just commenced the first deep hole of the program at Camel Hill.
The company said assays are pending for two further drill holes completed at Provost and Camel Hill, while two additional drill holes are well advanced.
As drilling progresses, the company said it anticipates a steady flow of assay results.
The company's shares traded 12.5% higher at C$0.09 shortly before midday in Toronto.
~updated with share price movement~
Contact the author at stephen.gunnion@proactiveinvestors.com