Mayo Lake Minerals (MLKM.CO), a Yukon-based gold explorer, announced today that it had completed its spring drill program at Carlin-Roop silver project located in the Keno Hill silver district, Yukon.
The Keno Hill district is Canada’s second largest historic silver producing district with 214 million ounces of silver mined at an average grade of 44 oz/t from over 40 occurrences between 1913-1989.
Mayo Lake owns 100% interest in five claim blocks consisting of 1139 quartz claims.
The junior’s drill program totaled 1,011 metres of core from eight diamond drill holes along 300 metres of strike length on the Carlin West silver-in-soil anomaly was recovered. Seven of the eight holes produced mineralization.
Highlights from the program included a six-metre intersection of strongly oxidized breccia as well as two intersections of Keno Hill-style veins at depths of 66 and 92 metres in hole MLM22-011.
The company also identified a second silver-in-soil anomaly to the north of Carlin West where a number of rock samples assayed between 72 and 562 grams per tonne silver equivalent.
As a result of this rock sampling, Mayo Lake has targeted the area for future drilling once all the results from the drill program have been received.
Mayo Lake announced it had increased its land holdings adjacent to Carlin-Roop by a total of 40 claims covering 8.8 square kilometres.
In other news, the company announced it had completed extensive geochemical sampling at its Anderson-Davidson and Trail-Minto properties.
Dr. Vern Rampton, CEO and president, commented, “Results from our prospecting, geochemical sampling and scout drilling prior to this year have all pointed to the presence of high-grade Keno Hill-style silver mineralization at Carlin-Roop. This year’s drilling has confirmed expectations. Mineralization anticipated to contain high-grade silver was intersected in most of this year’s drill holes at Carlin West. The assay results will tell the final tale but the mineralization we have seen in the core is certainly promising. This year’s drilling will also assist us in unravelling the controls of the Keno Hill-style silver mineralization at Carlin West and other nearby geochemical soil anomalies.”
Dr. Rampton is a 40-year veteran of mineral exploration and development in all stages both domestically and internationally. Rampton was president, CEO and director of Kinbauri Gold from its inception until it was acquired in 2009 by Orvana Minerals for approximately $50.0 million in cash.
Mayo Lake plans to complete further sampling and a trenching program later in July on the Trail-Minto property to verify its potential for sheeted veining associated with Tombstone Suite intrusives.
The junior explorer reported $1.06 million in cash and cash equivalents as of March 31, 2022. The company added to its coffers when it announced on May 4, 2022, that it had closed a private placement for gross aggregate proceeds of $218,776.44 CAD.
Currently Mayo Lake Minerals trades at $0.12 per share for a market cap of $11.57 million.
–Gaalen Engen