British Columbia hosted a phenomenally successful Winter Olympics this year, and though it’s been more than six months since it ended, the glow has far from died down for the westernmost Canadian province as a focus of attention. Investment types and mining aficionados have fixed their gaze on the province and have been rewarded with exciting news about new discoveries and developments almost every day. For B.C. is the home of not only towering mountains and incredible gold strikes, but rich reserves of other metals, too.
As September drew to a close, B.C watchers were treated to the news that Vancouver-based Paget Minerals Corp. (TSX-Venture:PGS) had unearthed high-grade gold and silver in a large area on its 100%-owned Chist Creek property near the B.C. town of Terrace. What was really exhilarating was that rock sampling returned gold values up to 687 grams per tonne (g/t), silver values to 735 g/t, copper to 2.0%, zinc to 1.2% and lead to 1.26%.
Chist Creek has returned rock sample assays up to 4.4 g/t Gold and 92 g/t Silver, and is overprinted by quartz-chalcopyrite-pyrite veins with local bonanza gold grades. Chist Creek is located 25 kilometres southeast of Terrace and covers nearly 2,400 hectares. It’s hosted by the Late Paleozoic Mt. Attree volcanic complex, which was identified in 2007 by the B.C. Geological Survey as having similarities in age and rock types to the Paleozoic volcanic hosting the Tulsequah Chief deposit rich in Zinc, Polybdenum, Copper, besides Gold and Silver.
PGS focuses on mineral exploration and the development of a diverse range of precious metal, base metal and rare earth element projects in North America. Among other projects: the Nechako Basin Gold-Silver project, southeast of Chist Creek, home to well-documented strong gold-silver showings, including mineralized alteration zones up to three by four kilometres and surface gold values up to 5 g/t gold and 134 g/t silver; Mount Dunn, due north of Chist, rich in gold (1.08 g/t), Copper (0.582%), Molybdenum (0.006%), and silver (3.0 g/t); and JLN, a neighbour site to Chist, where rock samples averaged 3.03% Copper and 40 g/t silver, including a chip across four metres averaging 2.96% Copper and 87 g/t Silver.
This is a company that has staked out its territory and making those properties pay, and the activity on small cap markets seemed to reflect that; on September 29, the day of the announcement, more than half a million PGS shares changed hands, driving the price up nine cents, or 56%, to 25 cents, still short of the 52-week high of 36 cents (at time of writing) to which PGS soared last January. Its low for the past year was a dime last November. The stock is still fairly economical compared to what it’s been recently, and small cap watchers anxious to add more mining shares to their portfolio should take a close look at this Company.
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