Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Imperial Metals (TSE: III) has released new results from drilling at the deep East zone at the Red Chris mine, 80 km south of Dease Lake, British Columbia where it and 70% joint-venture partner Newcrest (ASX: NCM) are gathering data to support studies on the potential for underground block caving or sub-level cave mining.
The East zone resource definition program consists of 16 angled holes, seven of which have been completed.
Highlights include: 276 metres of 3.3 g/t gold and 1.7% copper from 684 metres downhole depth
Highlights include: 276 metres of 3.3 g/t gold and 1.7% copper from 684 metres downhole depth (this was a partial intercept, with the remainder of the hole yet to be reported).
This hole included shorter, higher grade intervals including 74 metres of 9.1 g/t gold and 3.8% copper from 720 metres.
Other highlights reported included 188 metres of 0.52 g/t gold and 0.54% copper from 570 metres depth and 386 metres of 0.43 g/t gold and 0.46% copper from 458 metres.
Drilling is focused on refining the geometry and controls on high-grade mineralization in a sub-vertical zone that measures roughly 600 metres in length, 300 metres in width, and 600 metres in vertical extent.
Once completed, the drill program will help inform a new resource model incorporating new and historical results.
The JV is also studying the potential to begin construction of a decline in late 2020 to accelerate exploration of the East zone and for use in any future underground mining scenarios.
A second drill program, focused on brownfields exploration, is also under way at Red Chris.
Since Newcrest acquired a stake in Red Chris last August, 26,735 metres of drilling have been completed at the mine.
Six holes have been completed in the JV’s brownfield exploration program, which is designed to look for new, high-grade gold-copper zones within the porphyry corridor.
New results from the Gully zone were released, including 204 metres of 0.45 g/t gold and 0.29% copper from 634 metres down-hole.
(This article first appeared in the Canadian Mining Journal)
