New Gold-Rich Skarn Discovery at Adelita Returns 139.81 Metres of 1.3% CuEq
ALGRF has more than doubled off its 52-week low of $0.03.
Summary
Algo Grande reported assays from step-out Hole PH2-3 at its Adelita project in Sonora, Mexico, including a combined 139.81 metres grading 1.3% CuEq across Cerro Grande 2, Cerro Grande 3 and the newly discovered Margarita Skarn. The headline number is a length-weighted sum of three separate composites, not one continuous intercept, so treat it as a summary of the hole rather than a single interval. The genuinely new piece is Margarita: a gold-rich skarn about 250 metres from Phase I mineralization that the company interprets as following a previously unrecognized fault, which supports its thesis that the property hosts multiple skarn bodies beyond Cerro Grande. Cerro Grande 2 came in at 87.98 metres of 1.6% CuEq and Cerro Grande 3 extended mineralization to roughly 485 metres vertical depth. For a micro-cap explorer this is a meaningful de-risking of the geological model, though assays are pending for six Cerro Grande holes and two at Las Trancas, and the company flagged QA/QC failures on certain control samples that required re-assaying.
At the time of this announcement, ALGRF was trading at $0.35 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $14.8M. The 52-week trading range was $0.03 to $5.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.