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New explorer gains on high-grade samples in BC

New explorer Altum Resource Corp says sampling has returned up to 16.55g/t gold, 46.4% copper and 144g/t silver from its Adam West property on Vancouver Island.
New explorer gains on high-grade samples in BC New explorer gains on high-grade samples in BC New explorer gains on high-grade samples in BC New explorer gains on high-grade samples in BC New explorer gains on high-grade samples in BC

Altum Resource Corp’s Adam West property on Vancouver Island

Staff reporter

Altum (CSE: ALTM) had listed on the Canadian Securities Exchange in late March after completing its C$350,000 IPO by issuing 3.5 million shares at 10c.

CEO James Walchuck said the company was pleased with the results of the field programme.

"The area of anomalous copper has been significantly expanded, and an important new copper occurrence [the Sisters Copper showing] has been discovered," he said.

"The high-grade gold-copper-silver mineralisation at the Lucky Jim occurrence is now better understood and better documented."

Altum recently expanded the property to 4,687ha.

The company also has the option to acquire the Rio Loa and Coya "promising gold projects" in Chile.

It had net working capital of about $175,000 at April 30, then raised almost $580,000 in a non-brokered placement at 10c per unit earlier this month.

Its shares, which had dipped as low as 6c in May, closed up more than 7% yesterday to a high of 30c to capitalise it about $4.2 million (US$3 million).