Impact: Mildly Positive
Goldstorm reported results from seven holes completed at its 100%-owned Electrum Au-Ag project in the Golden Triangle of British Columbia. The holes were located at two pads in the Dome and LP zone target to expand the known stockwork Au-Ag mineralization discovered in 2023 (read notable). While all holes encountered elevated Au-Ag values in narrow shear-hosted quartz-pyrite veins within a stockwork system, the best results were from the LP zone, with a highlight of 7.78 g/t Au and 3.54 g/t Ag over 1.5 meters (EL-24-15). Hole-24-17 intersected a zone of brecciated rocks with thin mineralized veinlets that indicate the mineralized system may be centred to the southwest of the Dome target. An independent intercept of 1,766 g/t Ag, 1.39 g/t Au over 0.45m (EL-24-16) was also found associated with 2-3% galena-sphalerite in a fine-grained intermediate volcanic host, indicating the potential for a different phase of polymetallic mineralization within the same north-south trend where the Au-Ag vein-hosted mineralization is being found. In our opinion, this is mildly positive news, as the holes encountered widespread Au-Ag mineralization. While there were a few narrow, high-grade intervals, the intersected grades are generally modest, with a thickness-weighted average of 0.62 g/t Au and 11.24 g/t Ag, and the veins are narrow, with an average thickness of 5.86m of drilled thickness. However, the mineralization remains open, and the high hit rate is encouraging for bulk-tonnage mineralization potential.
