By The Gold Report
Source: Streetwise Reports 04/15/2019
An exploration company focused on southern British Columbia releases its first drill results.
Jiulian Resources Inc. (JLR:TSX.V) reported the results from the first two diamond drill holes at its Big Kidd property, which is located near Merritt, in southern British Columbia. According to the company, “all holes to date have intersected appreciable widths of Au-Cu porphyry style mineralization and alteration.”
The project is just nine kilometers northeast of Westhaven Venture’s Shovelnose gold project, which has reported drill results as high as 39.31 grams per tonne gold over 12.66 meters.
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Hole BK-19-002 returned 0.41 g/t gold equivalent, consisting of 0.28 g/t gold and 0.09% copper over 541 meters.
The company noted the following highlights:
- All holes drilled to date have intersected appreciable widths of Au-Cu porphyry style mineralization and alteration within the Big Kidd Intrusive Breccia and surrounding Nicola Volcanics;
- 2019 drilling has successfully expanded the mineralized zone to the north, south, and at depth in all directions;
- BK-19-002’s highlight intercept (541m x 0.41g/t AuEq = 221.8 gram-meter/tonne), significantly exceeds the best historic intercept on the property (116.0m x 0.96g/t AuEq = 111.36 gram-meter/tonne from hole DDH97-05);
- Current drill hole BK-19-009 is underway and it is designed to test the system at depth below all previous drilling to date.
So far, Jiulian has drilled more than 3,500 meters in eight drill holes. The ninth hole, BK-10-009, is currently being drilled 50 meters south of hole 4; the company notes the hole is “designed to test the Big Kidd Breccia to depths beyond all previous drilling on the project.”
In March, Jiulian announced it was expanding its phase 1 maiden drill program.
Scott Dorion, qualified person and director for Jiulian, stated, “Given what we have observed in these initial drill holes, we are expanding our maiden drill program to better define the extent of what appears to potentially be a widespread alkalic Au-Cu porphyry system.”
Jiulian Resources noted that the Big Kidd property has a “network of gravel roads, LTE cellular service and a high-voltage power line running across it.”
The company has about 31 million shares outstanding and a market cap of approximately $3.4 million. Its neighbor Westhaven Ventures has around 88 million shares outstanding and a $75 million market cap. Its stock saw rapid appreciation after the company announced a discovery drill hole in October 2018.
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( Companies Mentioned: JLR:TSX.V,