Viscount Mining (OTCMKTS:VLMGF) is moving in a range after announcing step-out drilling results, further increasing the company’s insight into the Kate Silver Resource. Equally, the results expand the Kate Silver Resource in various directions in Colorado’s Silver Cliff.
On Wednesday, VLMGF stock ended flat at $0.3288 with 13.57k shares, compared to its average volume of 16.21k shares. The stock has moved within a range of $0.3288 – 0.3288 after opening trading at $0.3308.
The company’s third drilling phase focused on testing the KSR’s outer bounds, as outlined in Dr. Gilles Arseneau’s 2018 NI43-101 report. Five of the nine drill holes are located towards the northeast of the former KSR and are expected to increase the silver claims in that direction significantly. For instance, drill holes 21-16, located about 120 meters outside the previous mineral body definition, yielded 88.8 g/t silver across 16.2 meters, with 8.5m testing at 162.1 g/t silver.
Besides the northeast expansion, the drill results also revealed some expansion in the south, with holes 21-12 and 21-11 containing testing sections over 124G/T. historical drill data and the latest soil sample test helped in selecting drill hole points beyond the KSR boundary. So VLMGF is worth watching in the coming days.
Silver Cliff Exploration Manager, Jacob Hooker, stated, “Not only will these results help expand the silver resource nearly 200 meters to the northeast, they also have great implications for inexpensive open-pit mining with most of the mineralization being immediately below the surface.”
VLMGF stock is trading above the 20-Day and 50-Day Moving averages of $0.32 and $0.33 respectively. However, the stock is trading below the 200-Day moving average of $0.34.