Pershimex Resources Corp. [PRO-TSXV], formerly known as Khalkos Exploration, and Dundee Precious Metals Inc. [DPM-TSX] have launched a new drill program at the Malartic gold property near Val d’Or, Quebec.
The property is located close to the prolific Cadillac fault, about 12 km north of the Canadian Malartic Mine (Agnico-Eagle Mines Ltd. [AEM-TSX, NYSE] and Yamana Gold Inc. [YRI-TSX; AUY-NYSE]), and 2 km east of Agnico’s Lapa Mine .
Under a May 2017 agreement, Dundee has the option to acquire a 71% interest in the Malartic gold property.
The drilling campaign will be led by Dundee. It will target a depth and along the Revillard-Malrobic trend for a total of approximately 5,000 metres with two rigs.
In 2018, successful first scout drilling (totalling about 2,000 metres) intercepted a major shear in hole MLDD003, which returned up to 1.39 g/t gold over 10 metres, including 2.0 metres at 5.5 g/t gold (Revillard target).
On the same trend, but 3 km southeast from the Revillard target, hole MLDD007 (Malrobic target) intercepted three separate mineralized shallow gold zones less than 50 metres deep vertically. It returned 7.15 g/t gold over 3.3 metres, including 11.6 g/t gold over 1.9 metres.
Another zone returned 2.3 g/t gold over 6.0 metres, including 7.6 g/t gold over 1.5 metres.
The new drilling phase will target at depth and along strike the extension and the down plunge of the intersections in these two holes.
“The results of the 2018 drill campaign confirmed the presence of a new gold economic occurrence in the prolific Malartic Twp.,” said Pershimex Resources President and CEO Robert Gagnon.
“The new drill campaign for approximately 5,000 metres is a significant step forward for the project,” he said. “The new phase reinforces our mission to be active in the most favourable areas of Abitibi for gold-bearing economic discoveries.”
Pershimex shares were unchanged at 3 cents on Thursday and trade in a 52-week range of $0.025 and 10.5 cents.
Dundee advanced 2.07% or $0.09 to $4.44 on volume of 437,304. The 52-week range is $2.56 and $4.44. However, the stock traded up to $4.52 on Thursday.
Pershimex recently raised $200,000 from a non-brokered private placement of 200 units priced at $1,000 per unit. Each unit consists of 10,000 flow-through common shares at 8 cents each, 2,500 non-flow through common shares at 8 cents and 12,500 common share purchase warrants.
Each whole warrant entitles the holder, subject to an adjustment in certain circumstances, to acquire one additional non-flow through common share at 10 cents each for a period of 12 months from closing of the private placement
Each unit, common share and warrant were subject to a mandatory holding period of four months and one day from closing of the private placement.