EXPLORATION & DEVELOPMENT

'Considerable' length and grade in first diamond holes at Burgundy Ridge

Crystal Lake Mining (TSXV: CLM) has reported hitting copper, gold, silver, and zinc-rich mineralisation in assay results from the first two diamond drill holes this year at Burgundy Ridge in British Columbia, in a 180m step-out from RC drilling in 2018.

Staff reporter
 Diamond drilling at 2am at Crystal Lake’s Burgundy Ridge at Newmont Lake in BC. Image: Anatole Tuzlak

Diamond drilling at 2am at Crystal Lake’s Burgundy Ridge at Newmont Lake in BC. Image: Anatole Tuzlak

Highlights included 91.26 metres of 0.38% copper, 0.3g/t gold and 4.12g/t silver from 36.7m in the second hole; and 59m grading 0.28% copper, 0.16g/t gold and 2.44g/t silver from 21m in the first.

President and CEO Maurizio Napoli said the grade and length were "considerable" given they were from two shallow test holes in an area not previously tested by diamond drilling.

"The fact that mineralisation is near surface unlike many deposits in the area is also a critical factor," he said.

Further assays were pending but Napoli said the company was pleased with the size of the system it was starting to delineate at the Burgundy trend.

Crystal Lake had claimed the discovery of a new copper-gold porphyry zone earlier this month at its Newmont Lake project, the 72' zone, about 2.3km from Burgundy Ridge which it has renamed the Ridge zone.  

It said receding glaciers at Burgundy continued to expose new mineral showings at surface, with assays pending from a channel sample at the newly-exposed Green Rock showing.

Napoli, who took on the top jobs at the start of this month, has added another role in a further management shuffle.

He is replacing Richard Savage on the board after the director resigned last week to pursue new interests.

Mining identity Rob McEwen had backed the company as part of a circa C$1.5 million raising at 30c per hard dollar unit in September.

The company's shares, which were trading above C40c a year ago, touched a 52-week low of 11.5c intraday.

They closed down 7.7% on Friday to 12c to capitalise it at $13.5 million (US$10.3 million).

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