EXPLORATION & DEVELOPMENT

Margaux to drill into Sheep Creek

Margaux Resources (TSXV: MRL) says it now controls 96% of the Sheep Creek gold district in south-eastern British Columbia and has outlined its plans for modern exploration at the past producing holdings.

Staff reporter
Outlines new plans for historic gold district

Outlines new plans for historic gold district

The company said its recent consolidation, through options, purchase agreements and strategic staking, was the "first time since gold was discovered here in the late 1890s that this land has been under single management".

It is planning a 6,000m diamond drilling programme to start next month.

Margaux said the district had historic production of 785,000 ounces at an average grade of 14.4g/t gold and was the third largest past-producing orogenic gold district in British Columbia.

Grab samples from the Ore Hill soil anomaly have returned grades of up to 119g/t gold and 105g/t silver.

Margaux ended 2017 with about C$2.46 million (US$1.9 million) cash on hand after closing a two-tranche private placement in December that raised more than $3.2 million (US$2.5 million).

The company is focused on its zinc, gold and tungsten interests in BC's Kootenay Arc and is progressing its tungsten tailings recycling project towards a pilot phase.  

Canadian markets were closed for a public holiday yesterday when Margaux announced its drilling plans.

The company's shares had closed down C4c on Friday to 20c, capitalising it at $12 million.

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