Nine Mile Metals (CSE:NINE,OTCQB:STVGF) is moving toward extensive drilling at its exploration portfolio following a recently completed placement of C$4 million and a new high-grade lens of 13.71 percent copper equivalent over 15.1 meters at its flagship Nine Mile Brook project at the Bathurst Camp in New Brunswick.
CEO Patrick Cruickshank shared that Nine Mile Brook is the highest lens ever found in the Bathurst Camp, with almost 20 percent copper, 38 percent lead-zinc, 3 to 4 ounces of silver and between half and 2 grams per tonne gold.
Meanwhile, the first drill results from the company’s past-producing Wedge volcanogenic massive sulfide (VMS) project demonstrate high-grade assay results of up to 15 percent copper. Cruickshank said the company has found the deposit to be rich in copper, unlike traditional VMS assets with mainly lead-zinc.
VMS deposits are significant geological sources of copper, zinc, lead, gold and silver.
The company said that proceeds from the C$4 million placement will primarily be used for exploration activities and related expenses on its critical minerals projects in the Bathurst Mining Camp, alongside general and administrative obligations.
Cruickshank noted that Nine Mile Metals is hoping to move Wedge VMS to over 10 million tonnes of copper. The company will also test samples from the Nine Mile Brook project for the direct-to-smelter option through Glencore’s (LSE:GLEN,OTCPL:GLCNF) analysis and metallurgical testing.
Watch the full interview with Nine Mile Metals CEO Patrick Cruickshank above.
