Black Mountain Resources confirms down-dip extension at Montana silver project

Silver-focused development company Black Mountain Resources has unveiled the initial results from its 13 hole maiden drill programme at its New Departure Silver Project in Montana.

Silver-focused development company Black Mountain Resources has unveiled the initial results from its 13 hole maiden drill programme at its New Departure Silver Project in Montana.

The company stated that initial drill results, which returned grades up to 365 grams per tonne of silver, confirmed down-dip extension of historic workings and indicated a potential projected strike length of 670m.

Further drill testing of the extension is scheduled for the second quarter of 2013, the group stated, adding that it had potential to significantly extend the current mine plan

Peter Landau, Executive Chairman of Black Mountain, said: "Our projects are located in an area of prolific silver mineralisation and these initial high grade silver intercepts of up to 365 grams per tonne of silver underpin our belief that we can add significant value to the project through production and exploration outside of the historically worked areas."

He added: "When put into context historically, it is clear why the intercepts are very valuable. The historic New Departure mine was not previously drilled with all the workings following visible veins. For the first time the programme has confirmed the `down dip' extension possibilities for the mine and with the extension now located, further drilling can be accurately undertaken with a view to significantly extend the current mine plan."

Black Mountain Resource's share price was up 10.87% to 12.75p at 13:50 on Friday afternoon.

MF

Recommended

HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022
How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Tech stocks teeter as US Treasury bond yields rise
Tech stocks

Tech stocks teeter as US Treasury bond yields rise

The realisation that central banks are about to tighten their monetary policies caused a sell-off in the tech-heavy Nasdaq stock index and the biggest…
14 Jan 2022