Nine Mile Metals Ltd. engages in the acquisition, development, and exploration of mineral properties. The company holds interests in Black Point Property located in Eureka County, Nevada. It also holds interest in the Nine Mile Brook and the Canoe Landing Lake West mining projects located in New Brunswick, Canada.
Today, the Company provided an update on its current drillhole (CL23-10-01) at its California Lake VMS Project. Here are the highlights:
- Drillhole is currently at a depth of 615 meters targeting Lens A at depth.
- The Azimuth and dip are monitored daily, the Azimuth presently at 209 degrees and the Dip flattened to 65 degrees. Our calculations show we are on target.
- Rocks intersected to date include felsic volcanics of the Flat Landing Brook Formation which hosts numerous VMS mines and occurrences in the southern portion of the BMC including Stratmat and Headway.
- Between 490.10 and 496.15 there was a distinct, banded sulphide zone with 5- 8% pyrite and blebs of chalcopyrite. This section has been cut and will be submitted to ALS Global for analysis.
- Mixed felsic rocks of the Flat Landing Brook Formation continued to 557 meters where a distinct break occurred, the drill hole intersecting the upper boundary of a Tectonic Zone characterized by white quartz and pink – orange K-Spar veining.
- Pyrite and chalcopyrite (Cu) mineralization is locally present in the quartz – K-Spar veins associated with the Tectonic Zone.
Nine Mile Metals VP Exploration and Director, Gary Lohman, B.Sc., P.Geo., stated that, “The drill hole is on target as we continue to drill through the Flat Landing Brook felsic volcanics / Tectonic Zone. The banded sulphide zone with visible chalcopyrite was a pleasant surprise, indicating copper in the system. The section has been cut for analysis in addition to other areas where intense silicification and pyrite dominate the drill core.”
Kevin B. Hicks, Director stated, “We continue to monitor the dip and azimuth readings as the drilling progresses towards our target depth. The hole was very straight in the upper sections therefore we can accommodate some build rate in the dip and still hit our predetermined target radius at depth.”
For more information on Nine Mile Metal’s innovative strategies, gameplan, and groundbreaking explorations, be sure to check out the interview with CEO Patrick Cruickshank.
The stock began a new uptrend breakout in November 2023 with news of mobilizing crews for drilling at California Lake. The Company has also announced it has intended to do loan financing for $500,000 CAD so there is money which will be deployed for drilling and for catalysts.
As you can see from the chart, from its lows to recent highs, the stock has moved 230% in about a month and a half.
A new uptrend is in play and you can see this with the stock printing higher lows and higher highs. Recently, the stock did close above an important resistance zone at $0.15. A battle is now taking place here and buyers seem to be holding strong with the stock not closing back below $0.15.
It should be noted that there is a gap between $0.18 and $0.21. $0.18 is where we are seeing some profits being taken as the stock sells off around that price. Gaps tend to be resistance BUT if Nine Mile Metals can confirm a close above this gap, it would be very bullish and hint to more upwards momentum.
The current higher low comes in at $0.12. As long as Nine Mile Metals remains above this higher low, the uptrend remains in play.
