Axcap Ventures Inc. Announces 5,000-Meter Drill Program at Converse Project
Rhea-AI Summary
Axcap Ventures (CSE:AXCP)(OTC:GARLF) has launched a 5,000-meter drill program at its Converse Project in Nevada's Battle Mountain district. The program includes five drill holes aimed at refining the existing resource model and exploring deeper mineralization potential.
The property, situated within the Battle Mountain-Eureka Trend, currently hosts a Measured and Indicated Resource of 262.7 million tonnes at 0.61 g/t gold for 5.17 million ounces, and an Inferred Resource of 26.4 million tonnes at 0.65 g/t gold for 0.55 million ounces.
The drilling program focuses on:
- Resource expansion and optimization through near-surface drilling
- Following up on historic high-grade intersections
- Exploring potential high-grade skarn system in Lower Plate carbonate rocks
Positive
- Substantial existing resource base of 5.17M oz Au Measured & Indicated plus 0.55M oz Au Inferred
- Strategic location in proven gold belt with >50M oz Au historical production
- Potential for high-grade mineralization discovery at depth
Negative
- Relatively low-grade resource (0.61-0.65 g/t Au)
- Results from drill program not available for several months
News Market Reaction – GARLF
On the day this news was published, GARLF gained 14.47%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO, ON / ACCESS Newswire / March 25, 2025 / Axcap Ventures Inc. ("Axcap" or the "Company") (CSE:AXCP)(OTC:GARLF) is pleased to announce the commencement of a 5,000-meter drill program at its flagship Converse Project in Nevada. This program consists of five drill holes designed to refine the existing resource model, test for expansion potential, and evaluate deeper mineralization within reactive Lower Plate rocks.
The Converse Property is in the Battle Mountain district, within the Battle Mountain-Eureka Trend, one of the main gold deposit trends in Nevada comprising a northwest-trending belt of precious metal deposits with current reserves and past production exceeding 50 million oz Au. The property currently hosts a Measured and Indicated Resource of 262.7 million tonnes (Mt) at 0.61 grams per tonne gold (g/t Au) for 5.17 million ounces and Inferred Resource of 26.4 million tonnes (Mt) at 0.65 grams per tonne gold (g/t Au) for 0.55 million ounces.
Drill Program Highlights
Resource Expansion & Optimization: Near-surface drilling will target gaps within the existing resource to improve continuity and refine the deposit model.
Follow-Up on High-Grade Intersections: Initial holes will step out from historic intercepts ending in mineralization reinforcing the scale and strength of the system.
Blake McLaughlin, Vice President of Exploration at Axcap Ventures Inc., commented:
"Converse is already a significant asset, but we believe there is untapped potential at depth. By targeting Lower Plate carbonate rocks, we are exploring the possibility of a high-grade skarn system that could materially enhance the project's scale and economics. This program is an important step toward realizing Converse's full potential."
Located in a premier mining jurisdiction, the Converse Project hosts a large, well-defined gold system with substantial expansion potential. This drill program reflects Axcap's strategic approach to resource growth and value creation.
Drilling is set to begin in the last week of March, with results expected in the following months. The Company will provide updates as the program progresses.
Blake Mclaughlin, PGEO, a qualified person pursuant no 43-101, has reviewed and approved the technical content of this news release.
About Axcap Ventures Inc.
Axcap Ventures Inc. is an investment company focused on acquiring and developing high-value resource projects. Leveraging management's expertise in capital markets and project evaluation, Axcap is committed to maximizing shareholder returns through disciplined exploration and development strategies.
For more information, please contact:
Blake Mclaughlin, VP Exploration
bmclaughlin@patriotgoldvault.com
Mario Vetro, Director
mario@commoditypartners.ca
Forward-Looking Statements
This press release contains forward-looking statements regarding the scope and anticipated outcomes of the drill program at the Converse Project. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.
SOURCE: Axcap Ventures Inc.
View the original press release on ACCESS Newswire