Excalibur Resources Ltd. (CNQ:XBR) reports that it has received its Mines Act permit which authorizes exploration activities on its Silver King and Cariboo properties.
The press release is quoted as saying:
The Silver King property contains the past-producing silver-copper Silver King Mine located 7 km south of Nelson B.C. This mine produced 15 million pounds of copper and over 4 million ounces of silver (mostly between 1898 and the WW1). A pre-NI 43-101 high-grade silver-copper resource was calculated in 1967. In the fall drill program of 2009 a new vein was found and the drill program continued to hit high-grade mineralization with assays reported up to 657 g/t Ag with 3.6% Cu.
Excalibur’s President and CEO, Mr. Gallagher says:
“We are excited about the prospects for the Silver King mine and the adjacent Cariboo property. We know a resource of good grade exists based on both historical work and our 2009 drilling and we intend to expand it in 2011, particularly given the recent record prices in silver, copper and gold and the expectation of ongoing strength in these metals.”