- Axcap Ventures (GARLF, Financial) announces the discovery of a new high-grade gold zone at the Converse Project in Nevada.
- The first drill hole intersected 10.85 meters at 5.45 g/t gold from a depth of 666.4 meters.
- The project hosts a significant open-pit resource of 5.5 Moz measured and indicated at 0.53 g/t gold.
Axcap Ventures Inc. (GARLF) has reported promising results from its initial drilling at the Converse Project, positioned in Nevada’s Battle Mountain-Eureka Trend. The firm's maiden drill hole, CV25-001C, has not only confirmed near-surface gold mineralization but also unveiled a potentially lucrative high-grade zone at a deeper level, showcasing 10.85 meters grading 5.45 g/t gold at a depth of 666.4 meters.
The Converse Project is known to host a considerable open-pit resource, currently standing at 5.5 million ounces measured and indicated, with a gold grade of 0.53 g/t. Additionally, it holds 420,000 ounces inferred at the same grade. Significant intersections from the recent drilling include 26.18 meters at 2.52 g/t gold from 654 meters and 21.21 meters at 0.31 g/t Au, bolstered by silver and copper credits from 208.8 meters.
This discovery is part of an expansive 5,500-meter drill program that aims to validate existing resources, decrease waste, and identify opportunities for further mineralization expansion beneath and adjacent to the current pit shell. The ongoing exploration is anticipated to continue revealing insights throughout the summer, with upcoming results expected from CV25-002C, which probes deeper rock formations known to host ore in nearby mines.
Blake McLaughlin, VP Exploration at Axcap, highlighted the potential of this new high-grade zone, affirming its capacity to meaningfully enhance the mineralized area at Converse. The exploration strategy is driven by the objective to identify and capitalize on robust gold resources, particularly in underexplored rock units.
