White Tiger Mining Corp. (TSX: V.WTC, Stock Forum) has reported additional results from a recently completed drill program at its Marshall Lake property in northern Ontario.
Highlights include 70 metres of 0.54% copper, including 16 metres of 1.34% copper in drill hole RMZ 13-41, which tested the up-dip extension of mineralization in hole RMZ 13-40, which coughed up 43 metres of 1.38% copper, including 10 metres of 2.52% copper, the company said in a press release.
The Marshall Lake property is an advanced stage copper, silver, gold exploration project located 30 kilometres west of Nakina. Parts of the property were previously explored by BHP Billiton Ltd. (NYSE: BHP, Stock Forum), Falconbridge Ltd., at a time when metal prices were trading at a fraction of current levels.
That was before the outlying parts were brought together by a single owner. White Tiger has an option to earn a 50% interest in the Marshall Lake property from Rainy Mountain Royalty Corp. (TSX: V.RMO, Stock Forum) by spending $4 million on exploration over five years and issuing 2 million shares to Rainy Mountain.
Recent drilling is designed to test an anomaly positioned midway between the RM Zone and RM South Zone, the company said. Based on results to date, the aggregate strike length of the RM Zone and RM South Zone is estimated to be at least 200 metres.
White Tiger shares rose 14.3% to 8 cents on Thursday, leaving the company with a market cap of $3 million, based on 37.5 million shares outstanding. The 52-week range is 25 cents and 4.5 cents.