Tocvan Ventures Corp (CSE:TOC) (FRA:TV3) has unveiled results from its first drill program at the Pilar gold-silver project in Mexico, which the group said showed "impressive" mineralization, open for expansion.
The first phase program saw nine reverse circulation (RC) holes sunk for 1,505 meters (m) and planning for a second phase is already underway.
The holes were all step-outs from historic holes in the Main zone and highlights included 41.2m at a grade of 1.1 grams per ton (g/t) gold from 57.9m depth. That included an intercept of 3.1 meters at 6 g/t of gold and 12 g/t silver from 71.6m depth.
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"We are excited to announce the results for our first drill program at Pilar," said Tocvan CEO Derek Wood in a statement.
"Today’s results confirm the impressive gold and silver mineralization at Pilar is open for expansion. Planning is well underway for our next phase of drilling that will continue to expand the areas of known mineralization and test other property-wide targets, drilling deeper and farther out from our established Main Zone," he added.
Another hole hit 1.5 meters at 33.4 g/t of the yellow metal and 1,090 g/t silver from a depth of 96.1m to 97.6m.
Tocvan owns 100% of Pilar and was attracted initially to the asset by the amount of successful drilling on a very concentrated area. This spans 17,700m from surface to a maximum depth of just 150m, leading the company to believe the property hosts an at surface deposit, which is amenable to open-pit mining.
Three zones of mineralization have been identified in the north-west part of the property, referred to as the Main Zone, North Hill and 4 Trench. Over 19,200m of historic drilling have been completed to date.
The company also has the Roger Creek property in Southern British Columbia, which shows promise for a "potential porphyry copper-gold discovery".
Tocvan Ventures shares nudged up 3.2% in Canada to stand at C$0.63 each.
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Contact the author at giles@proactiveinvestors.com