Axcap Ventures Confirms Converse Growth Potential With High-Grade Oxide Gold Discovery And Broad Bulk-Tonnage Intersections
Executive Summary
- Axcap announced significant new drill intercepts from holes CV25‑003C and CV25‑005C at the Converse Gold Project, revealing a previously unrecognized shallow high‑grade oxide zone ~170 m from known mineralization.
- Multiple bulk‑tonnage intersections were intersected outside the US$2,000/oz gold optimization shell, supporting potential resource expansion both laterally and at depth.
- The results reinforce Axcap’s thesis that Converse is underexplored and provide a strong foundation for the upcoming Preliminary Economic Assessment (PEA).
Key Details
- Hole CV25‑005C
- Oxide zone: 25.0 m @ 0.96 g/t Au from 262.4 m, including 10.8 m @ 1.70 g/t Au from 273.7 m.
- Additional oxide interval: 10.1 m @ 0.51 g/t Au from 311.2 m.
- Transitional zones: 15.2 m @ 0.59 g/t Au (485.5 m) and 81.8 m @ 0.55 g/t Au (522.1 m).
- Sulphide zone: 67.8 m @ 0.49 g/t Au (722.4 m) within targeted breccia pipe.
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All mineralized intervals lie outside the US$2,000/oz optimization shell.
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Hole CV25‑003C
- Oxide zone: 20.0 m @ 0.33 g/t Au from 130.5 m.
- Transitional zones: 86.9 m @ 0.30 g/t Au (200.9 m) and 18.0 m @ 0.33 g/t Au (419.1 m).
- Sulphide zones: 18.5 m @ 0.44 g/t Au (488.7 m) and 26.2 m @ 0.71 g/t Au (607.0 m).
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Intercepts confirm downdip continuity of skarn zones in the North Redline area; deeper intervals also fall outside the US$2,000/oz shell.
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Resource Context
- Current resource estimate: 5.57 Moz Au Measured & Indicated + 0.42 Moz Au Inferred (total ~6 Moz).
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New intercepts suggest substantial upside beyond existing pit‑shell boundaries and at greater depth.
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Metallurgical Insight
- Prior testing indicates oxide, transitional, and sulphide material may be amenable to heap leach recovery.
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Further metallurgical review will feed into the forthcoming PEA.
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Qualified Person
- Vance Spalding, CPG, Executive VP Exploration (qualified person under NI 43‑101).
Notable Quotes
“Every hole drilled continues to extend Converse's footprint and strengthen its profile as a significant development project. The dual profile of oxide and bulk tonnage are important ingredients for successful heap leach projects and can deliver optionality, scale, and longevity.” – John Dorward, Executive Chairman, Axcap Ventures Inc.