FULL DISCLOSURE: Nord Precious Metals is a sponsor of theDeepDive.ca.
Nord Precious Metals (TSXV: NTH) is reporting this morning that they have completed three holes to date under an ongoing phase 1 drill program at the Castle East property. 2,100 metres of drilling have been completed to date under the program, with drilling still ongoing.
Initial targeting under the drill program is focused on a reworked dataset compiled for the Castle East project. The dataset, which includes over 75,000 metres of historical drilling alongside geophysical data, is said to have identified a total of 29 vein structures under the new model that are being tested under the phase 1 program.
The program will also follow up on previous high grade intercepts made at Castle East, including 193,08 g/t silver over 1.30 metres in hole CS-20-39W4, and 89,853 g/t silver over 0.30 metres in hole CS-20-39.
WATCH: I Went to See the Highest Grade Silver on Earth | Nord Precious Metals
While assays are yet to be released for the recently completed holes, hole CS-26-129W2 is said to have hit three distinct mineralized intervals. Mineralization is said to be consistent with the multi-vein geology that was modeled using the refreshed dataset and assay results are pending.
“The 3D structural model gave us 29 target veins where previously we had five. Three holes in, and we are already seeing the multi-vein geometry the model predicted. That is the kind of early confirmation that tells you the geology is real and the program is on the right track,” commented Frank J. Basa, CEO of Nord Precious Metals.
The phase 1 program is set to see a total of 3,500 metres drilling, which is part of a larger 30,000 metre program. While phase 1 is focused on confirming the newly modeled structures, the larger program aims to increase the resource at Castle East, while also working to assist in positioning a ramp for underground access. That ramp will ultimately be used for a bulk sample to be recovered for processing at Nord’s fully permitted mill in Cobalt, Ontario.
“Our objective has not changed: confirm enough structure to justify a ramp, get underground, and put a bulk sample through our mill. Every metre we drill now is designed to move us closer to that decision” continued Basa.
Nord Precious Metals last traded at $0.22 on the TSX Venture.
FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
