Minto Metals Corp (TSX-V:MNTO) has hailed the latest drill results from ongoing drilling at its flagship copper mine in the Yukon, which have shown the potential to significantly add to resources there.
"This phase of drilling focused on high priority, untested exploration targets adjacent to the current resource base and followed-up on successful discovery holes from the 2021 drill campaign," said David Benson, the miner's vice-president (VP) of exploration in a statement.
"To date, the company has drilled 43 holes for 23,311m (metres) of a budgeted 30,000m for 2022. The initial results from step-out drilling at Minto North are very encouraging as they confirm the existence of a new lens or extension of the known lenses of the Minto North resource. We're looking forward to additional results from further step-out drilling at Minto North and have commenced planning for resource delineation drilling in 2023," he added.
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At Minto North, one hole hit 2.20% copper over 20m from 183m depth, which was a step-out hole reported in March, which cut 1.58% of the red metal over a 28m length.
Combined, these assays show mineralization around 200m west-northwest of the current NI 43-101 resource at Minto North, the company noted.
Another hole intersected 2.11% copper over 12.16m from 84.84m downhole, including 3.52% over 7.26m representing a newly discovered mineralized lens in the footwall of the 122 Lens at the Cu Keel South zone, it added.
A further hole hit 1.30% copper over 4.41m from 127.04m depth, which represents a new mineralized lens below the Ridgetop orebody, and another hit 0.46% copper over 29.39 m from 74.81m downhole, representing a new, near-surface discovery.
Benson told investors that all the holes reported had intersected copper-gold-silver mineralization of "varying grade and thickness, from near-surface to depths up to 550m".
"We are very optimistic on many of these new prospects and eagerly anticipate more drill results and the results from our summer geophysical programs outlined in the press release dated February 23, 2022," he added.
Minto CEO Chris Stewart said: "I am pleased with the progress of our Exploration program to date in 2022. These Minto North results, along with the new lenses reported on today and in previous drilling phases indicate the potential to add significant resources and value for the company and stakeholders."
The company said it is continuing to drill its 30,000m program and is awaiting results from 21 holes that targeted Minto North. It expects to report on these results in December this year.
Meanwhile, current drilling at Minto East is dually drill-testing exploration targets below the current inferred mineral resources of the Minto East 151 and 152 lenses and upgrading the current inferred resource, it added.
Minto operates the producing Minto mine, which sits in the traditional territory of the Selkirk First Nation and is around 250 road-kilometres north of the City of Whitehorse.
The mine has been operating since 2007 with underground mining starting in 2014. Since 2007, around 500 million pounds (Mlbs) of copper have been produced from the asset.
The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and supporting infrastructure associated with a remote location in Yukon.
Contact the writer at giles@proactiveinvestors.com