Metallic Minerals announced the acquisition of 53.5 square kilometers of highly prospective land in the Keno Hill silver district of Canada’s Yukon Territory.
Metallic is an interesting company marrying the deep Yukon experience of Bill Harris and Sue Craig with the junior and mid level exploration and mining experience of CEO Greg Johnson. The Keno Hill district where Metallic’s property lies produced 200 million ounces of silver and there is no reason to believe the district is played out.
Trading around $0.30, V.MMG needs to be understood as an early stage silver explorer; however, the land it is acquiring has historical workings, historical data and seems to contain extensions of structures which have been well understood in the adjacent Alexco ground. Metallic is just wrapping up an initial drill program which has run 1500 meters of a combination of RAB and diamond drilling. Results are expected in the coming weeks.
1500 meters may not sound like a lot of drilling but the structures Metallic is initially interested in are generally close to surface so can be tested with fairly short holes.
We’ll be keeping an eye on Metallic in the coming weeks.