Walcott Resources Ltd (CSE:WAL) (OTCMKTS:WALRF) (FRA:WR2) said it has been encouraged by rock chip sampling results at its Cobalt Hill project in British Columbia, which shows the potential for low-grade, bulk-tonnage style gold.
In a statement Wednesday, the explorer said the majority of the samples were taken from the Meister-Marilyn zone, an area which is untested by drilling, and the work was focused on identifying larger zones of low-grade mineralization, rather than smaller high-grade areas, which are already known about.
Sample highlights included an interval of 3 metres (m) at the Meister Trench of 1.63 parts per million (ppm) gold and 7.58 ppm silver, while at the Marilyn Trench 0.16ppm gold and 0.69ppm silver was identified.
Notably, previous narrow quartz veins at the Meister/Marilyn zone have returned elevated gold values from grab samples, including 37.3 ppm gold, Walcott said.
The company said that an Induced polarization (IP) survey is now being considered for the Meister/Marilyn area along with modern trenching methods to better expose rock ahead of possible diamond drilling.
Meanwhile, a second area targeted in the recent work program was a 650m by 250m magnetic low anomaly and gold-in-soil geochemical anomaly with values up to 622 parts per billion (ppb) gold, which is located around 2 kilometres east of the Meister/Marilyn zone.
"The large gold soil anomaly remains unexplained, is untested by drilling, and is a high priority target for follow-up. Walcott is considering a winter program of induced polarization to provide further definition to the area, prior to drill testing," the company added in a statement.
Walcott, which is focused on Australia and Canada, holds an option to acquire a 100% undivided interest, subject to a 1.5% net smelter royalty on all base, rare earth elements and precious metals at the Cobalt Hill copper-gold-cobalt property.
The project spans eight claims covering an area of around 1,727.43 hectares in the Trail Creek mining division in the Province of British Columbia.
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