BMEX Gold Inc (CVE:BMEX) told investors that a high-grade gold system has now been confirmed at its King Tut project in Quebec, as the company posted a drill assay of 81.89 grams per ton (g/t) gold over 0.45 metres (m) in one hole.
All assays for the company's first pass, 19 hole - 5,119m - diamond drill program have now been received and a follow-up drill program is earmarked for the Fall.
Hole 18 hit the high-grade intercept above from a depth of 185.65m and a re-assay of the sample returned 143.79 g/t of the yellow metal, BMEX noted.
READ: BMEX Gold posts promising drill results from inaugural drilling at King Tut project in Quebec
"I am very pleased with the assay results from hole 18, which was one of the last holes targeting the main structure at King Tut," said BMEX Gold CEO Warner Uhl in a statement.
"In addition, we are pleased that nearly all our drill holes have returned gold mineralization over variable widths which is very encouraging for a first-pass drill program. The system carries high-grade gold and our geological consulting team will be evaluating the whole drill program in conjunction with other geophysical tools and modelling to create a robust follow-up exploration program.
"We are well-financed for this work and we are collaborating with one of the best geological teams in Canada," he added.
The latest assays are now being compiled along historic drill results BMEX continues to build an exploration model for King Tut.
Upcoming work includes a drone magnetic survey this summer to support detailed geological modelling and a follow-up diamond drill program in the fall.
Other drill results released included 5.82 g/t gold in one hole over 1m from 72m depth, which was contained within a longer intercept of 6.5m at 1.18 g/t gold, starting from the same depth.
Junior explorer BMEX is focused on earning 100% interest in its two projects in the prolific Abitibi greenstone belt - The King Tut project, which comprises 120 claims over 5,206 hectares, and the Dunlop Bay asset, which has 76 mineral claims that cover 4,226 hectares.
Shares in Toronto added over 11% to stand at C$0.25 each on the day.
---Updates for share price---
Contact the author at giles@proactiveinvestors.com