- Smooth Rock Ventures Corp. (SMRV) has received notable gold results from an initial drill program at its Palmetto Gold Project in Nevada
- The company stated it confirmed ongoing gold mineralization at the project
- Drill hole SRV 22-09 returned high-grade gold intercepts
- Another hole returned gold, but the five other holes were abandoned due to poor conditions
- Smooth Rock is sourcing a more suitable drill rig and contractor to continue drilling
- Smooth Rock Ventures Corp. (SMRV) is unchanged, trading at $0.05 per share as of 12:53 p.m. ET
Smooth Rock Ventures Corp. (SMRV) has received substantial gold results from an initial drill program at its Palmetto Gold Project in Nevada.
The company stated it confirmed ongoing gold mineralization at the project. Drill hole SRV 22-09 returned 10.98 grams gold per tonne over 9.20 metres, including an intercept of 18.87 grams gold per tonne over 4.60 metres.
Also, hole SRV 22-05 had several intervals of low-grade mineralization throughout, ending in gold mineralization at the last sampled interval at a depth of 187.50 metres before being abandoned.
Seven holes were drilled in total. However, none of them reached their targeted depth. Two of the holes drilled were abandoned before hitting bedrock. Considering this, the company ended the drill program early due to poor conditions. Only 2095 feet of a planned 5000-7500-foot program were drilled.
Smooth Rock is looking to source a more suitable drill rig and drill contractor to continue drilling at the Palmetto Project. The company is planning a follow-up drill program later this year or in early 2023.
The Palmetto Gold Project hosts an initial “Discovery Hole” which was drilled in 1988. In the 1990s, bonanza gold-silver veins were subsequently drilled within the zone.
Smooth Rock Ventures Corp. (SMRV) is unchanged trading at $0.05 per share as of 12:53 p.m. ET.
