After a disastrous week and month on most markets, it was a relief to see one mining company come out with strong, positive news.
On Monday, Vancouver-based Saville Resources Inc. (TSX-Venture:SRE) trotted out results for the first of four drill holes sampled from the Mallard Target at the Niobium Claim Group Property, situated within the central Labrador Trough in Quebec. The Property covers several prospective and advanced-stage niobium-tantalum targets, with the Company currently completing Year one of its Earn-in Agreement with Commerce Resources Corp.
SRE reported that the first hole of its maiden drill program at Mallard returned the widest high-grade niobium intercept to date on the Property at 0.70% Nb2O5 over 38.3 metres, including 1.10% Nb2O5 over 5.4 m, starting from 71 m depth.
In addition, another wide intercept of strong niobium mineralization was intersected further downhole, returning 0.63% Nb2O5 over 34.0 m, as well as another intercept of 0.76% Nb2O5 over 7.5 m higher up in the hole.
Shares in Saville acquired a penny late Monday morning, or 25%, to five cents, on volume of 3.7 million shares.
