Nine Mile Metals Ltd. (CSE:NINE, OTCQB:VMSXF, FRA:KQ9) announced it had intersected a high-grade volcanogenic massive sulphide (VMS) lens at its Wedge Mine in the Bathurst Mining Camp, New Brunswick.
The hole cut a thick massive sulphide lens carrying copper, lead, zinc, silver and gold, with visible chalcopyrite and bornite observed in the core.
A 16.5-meter section averaged 4.03% copper equivalent, including a 6.5-meter zone that returned 5.22% copper equivalent.
A silver zone spanning 21.75 meters returned 31.72 grams per tonne silver, with a peak sample of 58 grams per tonne.
A gold zone of 20.2 meters returned 0.67 grams per tonne, including 11 meters at 0.87 grams per tonne. Zinc averaged 2.02% over 22.5 meters, including 4.82% over 5.75 meters.
"This was a very strong polymetallic VMS hole, with a large lens zone," said Patrick Cruickshank, Nine Mile’s CEO.
Cruickshank highlighted “multiple” high grade copper, silver and gold zones, which he told shareholders confirmed a multi-dimensional deposit at the Wedge. “Each one of these mineral intercepts would be a success on their own accord, but to combine them all in one hole shows the strength of this lens and is spectacular start to our results season.”
Cruickshank added that the results will be included in the company's live 3D modelling as it works toward an updated 43-101 and a mineral resource estimate objective.
Vice president of exploration Gary Lohman said it was "definitely nice to return to the VMS section previously identified in the southwest." He noted the hole was drilled at a steeper angle than previous holes in the vicinity, which helps expand the deposit footprint.
"In addition to copper, the assays also indicate substantial gold and silver present in this portion of the system," Lohman said. "Intersecting five payable metals over this width and seeing copper strengthen toward the base of the zone is exactly what we want to see at this stage."
Additional drill holes are planned for the western portion of the Wedge, where the company believes there is meaningful room to expand the deposit, he said.
Shares of Nine Mile Metals gained 12.5% on Wednesday.