Nine Mile Metals Ltd. (CSE:NINE, OTCID:VMSXF, FRA:KQ9) reported assay results from its Wedge Mine in the Bathurst Mining Camp, New Brunswick, intersecting two distinct volcanogenic massive sulphide zones carrying copper, lead, zinc, silver and gold.
The hole, collared in the southwest corner of the company's drill pattern at a depth of 224 metres, intersected an upper zone of 9.85 metres from 80.15 to 90 metres and a lower zone of 33 metres from 105 to 138 metres, for combined mineralization of 42.85 metres.
Grades increased with depth, the company said in a statement.
The drill core consisted of massive pyritic VMS with locally visible chalcopyrite, sphalerite and galena, hosted in felsic volcanics and sediments. The upper zone showed higher silver and zinc grades, while the lower zone carried higher copper along with silver and gold.
"This was our first hole in the southwest and it did not disappoint," said Gary Lohman, Nine Mile’s vice president exploration. "With solid copper mineralization in addition to both gold and silver, this bodes well for expanding our resource in the western portion of the Wedge."
Patrick Cruickshank, Nine Mile’s CEO, called it "another outstanding polymetallic VMS hole, with two distinct strong VMS lens zones," adding that the deposit is "getting stronger the deeper we go under the historic area previously mined."
The company said the results will be incorporated into its live 3D geological model as it works toward an updated mineral resource estimate.
Shares of Nine Mile Metals added nearly 12% on Tuesday morning.