-- Excalibur Metals (EXCL.V) on Tuesday said the Phase 1 reverse-circulation drilling program at the Spyglass Ridge gold-silver target is now underway at its Bellehelen project in Nye County, Nevada, with the company adding this represents "just the first of several high-priority zones" that it can develop into a major discovery.
The company said a drill contractor has mobilized to the site, and drilling has begun on the first of eight planned RC drill holes. It added the initial 3,000-meter program is designed to "test high-priority gold and silver mineralization at depth, following up on surface sampling, alteration mapping and recent CSAMT geophysical survey that identified well-defined mineralized structures and coincident alteration consistent with a robust gold-silver epithermal system".
"Getting the rig turning at Spyglass is a major milestone for Excalibur," said CEO John Gilbert. "This has been the focus since the company's qualifying transaction was completed last Fall. Many months of preparation followed to finalize our drill targets on the technical side. For some of us, it's been years in the making, and we're taking the project to the next stage. It's very exciting as Spyglass represents just the first of several high-priority zones at Bellehelen that we believe can develop into a major discovery."
Shares of the company were last seen down 2% at $0.24 on the TSX Venture Exchange.
Price: $0.24, Change: $-0.01, Percent Change: -2.04%