Continental Gold drills visible gold at Buriticá; stock at 9-month high
Continental Gold Inc. (TSX:CNL) today announced assay results from initial exploration at its Buriticá project in Antioquia, Colombia. Visible gold was encountered in all four drill holes.
Highlights of the latest drill results include 44.90 g/t gold over 1.20m, 582.00 g/t gold over 0.50m and 47.20 g/t gold over 0.50m. The company points out that these intercepts are grading “significantly higher” than the current inferred mineral resource estimate for this target area.
Shares of Continental Gold jumped nearly 5% on Monday morning to a 9-month high of C$3.47. Its market capitalization stands at C$647.6 million.
The Toronto-based gold miner is currently in the process of completing a 73,500m definition and exploration drill program at Buriticá this year. Construction of the project was 67% complete as of May 31, 2019, and the first gold pour is earmarked for H1 2020.
The Buriticá project, with an estimated 3.71 million ounces in mineral reserves, has attracted the interest of major miners such as Newmont, which earlier this year backed the company with a $50 million financing.