King's Bay Resources Corp (CVE:KBG), the reinvigorated Kings Bay Gold, said it is encouraged by the results following the completion of phase 1 of the drilling program at the Lynx Lake copper-cobalt project in southeastern Labrador.
“Completing Phase 1 drilling at Lynx Lake is a major milestone for the company. We are encouraged by the lengths of the mineralized zones and are eagerly awaiting the assay results,” said chief executive Kevin Bottomley in a statement.
The program saw the firm complete two diamond drill holes totaling 501.9 meters at the property, both of which hit intervals of net textured gabbro (igneous rock) for a total of 164.3 meters and a mineralized biotite gabbro for a total of 14.9 meters.
The true widths of the mineralized zones are unknown at this time.
Samples of NQ core have been prepared and shipped to labs in Newfoundland, the firm added, and assay results are expected by early January.
The location of the drill holes was based on previously flown VTEM survey data and the bedrock structure in the West Pit.
The VTEM results identified an anomaly that is anticipated to be ranging in depth from 50-300 meters and estimated to be approximately 400 meters in diameter, the firm added.
Lynx Lake consists of 959 claims encompassing a land area of around 240 square kilometers (sq km).
The “west pit” has been historically sampled yielding assays of up to 1.03% copper, 0.56% cobalt, 0.23% vanadium, 0.10% nickel and 5.0g/t (grams per ton) silver.
The project has returned historical grab samples assaying up to 1.39% copper, .94% cobalt, .21% nickel and 6.5g/t silver.
King's Bay shares raced up over 26% to C$0.12 each.