In a news release, Granite Creek Copper Ltd. (GCX:TSX.V; GCXXF:OTC) provided an update on the inaugural diamond drilling and trenching program now underway at its Stu copper-gold project in the Yukon. The purpose is to follow up and expand on historical drilling done in the high-grade A zone by another operator in 1980.
The Vancouver-based copper firm has already submitted core samples from the initial drill holes for assaying, results of which are expected in late November at the earliest. Once received, Granite Creek will incorporate those data with results from its summer 2020 relogging and reassay program to plan next year's resource delineation drill campaign.
"With the data obtained from the current program added to historic drilling on the Stu project, we will be in a strong position to launch a resource definition drill program in 2021," President and CEO Tim Johnson said in the release.
Another expectation of Granite Creek is that the acquisition of Copper North, including its advanced-state Carmacks copper deposit, also located in the Yukon, will close in mid-November 2020.
Also in the news release, the copper company announced that it completed the second and final tranche of its recent private placement. From both tranches, it generated about CA$1.99 million in total proceeds.
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