Nuvau Minerals (NMC.V) saw its share price double in the past week with the majority of the price increase following up on the company’s exploration update. The first drill hole of this season appears to have intersected an orogenic lode gold system on the Matagami land package, close to the Bracemac McLeod mine. Assays are still pending, but the company disclosed the drill bit intersected visible gold.
It’s no secret the Matagami property is well mineralized, but previous operators were solely focusing on base metals and looking for gold wasn’t really high up on the list of priorities. After completing its spending requirement to satisfy the earn-in agreement with Glencore, Nuvau’s technical team turned to the gold potential on the 1,300 square kilometer gold project. Initial programs included overburden till sampling, compiling all historical data and completing a drone MAG survey. Those previous exploration programs set the scene for the current diamond drill program, intersecting visible gold in the first hole. It will be interesting to see the assay results once the company gets the data back from the lab.
Disclosure: The author has no position in Nuvau Minerals. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
