Tocvan Ventures Corp (CSE:TOC) (FRA:TV3) reported results from ongoing metallurgical work from its flagship Pilar gold-silver project in Mexico and updated on the second phase drill program there.
The preliminary metallurgical results hail from two composite samples taken from a hole reported in December 2020, which hit 94.6 meters (m) at 1.6 grams per ton (g/t) gold, including 9.2m at 10.8 g/t of the yellow metal. The hole is thought to be representative of the central part of the Main Zone at Pilar.
The results showed 91% recovery for the low-grade composite and 92% for the medium-grade composite.
READ: Tocvan kicks off largest drill program ever conducted at its flagship Pilar gold-silver project in Mexico
"These results are an important first step as we move towards a bulk sample at Pilar,” said vice-president (VP) of exploration Brodie Sutherland.
"The results align with analysis completed by past operators, which displayed similar gold recoveries of 90 to 92%. With our Phase II drill program well underway, we will continue to evaluate the potential of Pilar with continued exploration and metallurgical studies leading towards a bulk sample later this year."
Tocvan said that a minimum of 14 drill holes for 2,400m is planned for the initial stage of the Phase II drill program, with eight completed so far for 1,394m.
Samples for the first three holes have been submitted to the lab, while the remaining holes are expected to be shipped and submitted this week.
Early drilling has focused on the extension of the Main Zone, while drilling is now shifting towards testing new targets in the 4-Trench Extension, North-Hill and Triple Vein Zone areas, said the company.
A second stage of drilling totalling 1,600m is planned to begin in mid-May, which will continue to test property-wide targets and follow-up on results from the initial stage.
Also in the statement, Tocvan revealed it has granted 200,000 share options to a consultant of the company, which are exercisable at C$0.80 each with five years until expiry and will vest over one year.
Tocvan Ventures has two exciting opportunities in the shape of its Pilar gold-silver project in Sonora, Mexico and the Rogers Creek copper project in southern British Columbia.
Shares in Canada added nearly 10% to C$0.90 each.
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Contact the author at giles@proactiveinvestors.com