Champion Iron Limited (ASX: CIA) received the results of its drilling program, which was designed to test the lateral continuity of the Zinc-rich intervals intersected by the company previously in 2018. The test was conducted at Powderhorn project, located in North Central Newfoundland 40Km southwest to Springdale. The company also intersected the previously identified copper zone which returned a gold grade above 1g/t. As per the company, the project which was initially considered as a zinc project can now be viewed as a polymetallic project.
As per the company the project hosts and targets the same volcanogenic massive sulphide deposit as was discovered at the Buchans Mine, located 60Km away. The company undertook the drilling during the fall season in 2018 with a 100 meter-spaced grid in the shallower part of the project deposit, while it was able to test the possible connection between the near-surface zones with the deep intersect to the northeast.
The company will commence new 4,000-meter drilling program approved by the board of directors in the winter season during the ice freezing month to avoid any damage to the wetland environment.
The results from the 9,350m drilling are:
The hole identified as PH18-16 with a length 3.92m (from 52.04m to 55.96m) resulted in 0.89% of copper, 1.1 g/t of gold and 13.9g/t of silver with 0.09% Zinc. The company further represented the results along the different length in the same hole (including):
Length from 52.04 to 53.04m resulted in 0.94% of copper, 1.8 g/t of gold and 14.0g/t of silver with 0.04% Zinc.
Length from 54.15 to 54.78m resulted in 1.16% of copper, 0.7 g/t of gold and 15.0g/t of silver with 0.12% Zinc.
Length from 54.78 to 55.28m resulted in 2.31% of copper, 1.8 g/t of gold and 28.6g/t of silver with 0.33% Zinc.
Length from 55.28 to 55.96m resulted in 0.98% of copper, 1.4 g/t of gold and 24.6g/t of silver with 0.08% Zinc.
The hole identified as PH18-17 with a length 3m (from 14.00m to 17.00m) resulted in 1.11% of copper, 1.0 g/t of gold and 7.7g/t of silver with 0.08% Zinc. The company further represented the results along the different length in the same hole (including):
Length from 14.00 to 15.29m resulted in 1.47% of copper, 1.1 g/t of gold and 11.3g/t of silver with 0.04% Zinc.
Length from 15.29 to 16.32m resulted in 0.51% of copper, 1.0 g/t of gold and 3.7g/t of silver with 0.03% Zinc.
Length from 16.32 to 17.00m resulted in 1.33% of copper, 0.6 g/t of gold and 7.0g/t of silver with 0.22% Zinc.
The hole identified as PH18-42 with a length 2m (from 73.62m to 75.62m) resulted in 1.16% of copper, 0.3 g/t of gold and 8.3g/t of silver with 0.29% Zinc. The company further represented the results along the different length in the same hole (including):
Length from 73.62 to 75.62m resulted in 1.13% of copper, 0.3 g/t of gold and 8.6g/t of silver with 0.11% Zinc.
Length from 74.62 to 75.62m resulted in 1.19% of copper, 0.3 g/t of gold and 7.9g/t of silver with 0.48% Zinc.
The result supports the view of the company that Powderhorn project can be as a polymetallic project. The company previously achieved record monthly production and strong cash flows in 3QFY19.
The share of the company was trading at A$2.020 (as on 21st March 2019, 03:46 PM), down by 4.717% as compared to its previous close.
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