TORONTO – York Harbour Metals Inc. [YORK-TSXV, YORKF-OTCPK, 5Deo) has released another batch of drill results from Phase 2 drilling at the York Harbour copper-zinc project in Newfoundland.
The company described the results released on Monday as the best intersections of grade and length to date.
Drilling highlights include hole YH21-24, which returned 29 metres of 5.25% copper, 436.5 g/t cobalt, 8.97 g/t silver and 0.801% zinc.
Drill hole YH21-22 intersected strong zinc and copper values over a 5.26 interval, grading 2.84% copper, 31.96% zinc and 42.09 g/t silver.
The Phase 2 drilling program included 29 holes covering 4,562 metres that targeted volcanogenic massive sulphide (VMS) mineralization along a 400-metre strike length within the Main Area near historic underground mine workings.
York Harbour is an exploration and development company focused on the York Harbour copper-zinc-silver project, a past producing mine located approximately 27 kilometres from Corner Brook Newfoundland.
The company (formerly Pheonix Gold Resources) has said it plans to continue drilling the 11 known mineralized zones and test other new massive sulphide targets, like the No 4 Brook showing, while focusing on gaining access to the 400-level and sea level adits.
The company secured the right and option to acquire a 100% ownership of the York Harbour property under a February, 2021, agreement between York Harbour and WBN Prospecting Group, which consists of Grassroots Prospecting & Prospect Generation Inc. (31.6%), United Gold Inc. (31.67%), G2B Gold Inc. (31.7%), Newton Bell Holdings Ltd. (2.5%) and Fahmy Consulting Inc. (2.5%).
The property covers approximately 3,900 hectares.
To earn the interest, York Harbour paid $95,000 in cash to the optionor and issued 1.5 million shares. It is required to spend $3 million on exploration by February 26, 2024. Under the agreement, York Harbour can own 100% of the project subject to a 2% net smelter return royalty, 50% of which can be repurchased for $1 million within one year of the start of commercial production.
The company says the property has excellent local infrastructure as Corner Brook is a regional centre for industry and government with established pulp and paper mills., a deep-water shipping port and container handling facilities.
A power line from Corner Brook, serving York Harbour and Lark Harbour passes through the north end of the property claims.
Commenting on Monday’s drill results, York Harbour Chairman Bruce Durham said: “High dollar value, high grade copper mineralization like the intersection in drill hole YH21-24 is very rare and they are important indicators of strong mineralizing fluid systems at work.’’
“We know there are numerous indications of copper and zinc mineralization in the local area and most remain on partially defined,’’ he said.
“By proceeding to drill these mineralized areas in detail, we will begin to establish a solid understanding of the size, mineralogy, structural controls, and grade distribution within these various areas of known VMS style mineralization.’’
On March 25, 2022, York Harbour shares rose 6.5% or $0.07 to $1.15 on volume of 155,130. The shares currently trade in a 52-week range of $1.20 and 25 cents.