First Vanadium Corp. (TSX-Venture:FVAN) (OTCQX:FVANF) knows how to start the week off with a bang. This morning, the company announced results from its first reverse circulation drill hole which was designed to provide an initial penetration into a potential gold target opportunity below the vanadium resource on the Company’s Carlin Vanadium-Gold Property in the Carlin Gold Trend in Nevada.
A significant large-scale Carlin-type gold system was identified at a reasonable depth similar to one’s seen elsewhere in the Carlin Gold Trend. Typical Carlin-type deposit system geochemistry and alteration were encountered in the hole, indicated by gold (Au), arsenic (As), mercury (Hg), antimony (Sb), and thallium (Tl).
This, along with other critical features including key rock formations, collapse brecciation and strong alteration (silica-pyrite+/-arsenopyrite-dolomite-realgar) make it potentially analogous to other important Carlin-type deposit systems such as Nevada Gold Mines' massive Gold Quarry deposit (13 miles to the northwest). Because of the significance of this first hole, the Company is immediately resuming reverse circulation drilling for the purpose of assessing the extent and strength of the system and to begin vectoring into hot spots within the system.
Investors likes what they heard by pushing shares of FVAN higher to the tune of 27.78% or up $0.10 to $0.46 in early-afternoon trading. At last check, shares are flirting with their 52-week highs.
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