Discovery Mining shares advance on Ontario drilling news – Resource World Magazine

Discovery Mining shares advance on Ontario drilling news – Resource World Magazine

Discovery Mining Ltd. [DSV-TSXV, DSVSF-OTCQX] has announced the results from its ongoing 255,000 to 285,000 metres 2026 exploration drill program at the Pamour mine near Timmins, Ontario. Results confirm the presence of a large-scale deposit, the company said in a press release. Discovery moved to establish itself as a new Canadian gold producer with multiple operations in January 2025. when it announced details of a definitive deal with Newmont Corp. [ NEM-NYSE, ASX, PNGX] to acquire the U.S. company’s 100% interest in its Porcupine operations based in and near Timmins, Ont., for US$425 million. Discovery’s Porcupine Operations cover approximately 1,400 square kilometres in and near Timmins. Porcupine consists of the Hoyle Pond, Pamour and Hollinger mine properties, the Dome mine property and milling facility, and numerous near-mine and regional exploration targets. More recently, Discovery reported the completion of the previously announced acquisition of Glencore Canada’s 100% interest in the Kidd Operations near Timmins, including the Kidd Metallurgical Site, the Kidd Creek copper, zinc and silver mine, and the Kidd Creek Timber Ltd. exploration land package. In its latest press release, the company said results from ongoing drilling at Pamour include results from 47 holes (11,000 metres) which targeted test areas within and surrounding the large open pit resource at Pamour, which includes 64.8 million tonnes of grade 1.30 g/t (2.70 million ounces) in the indicated resource category and 23.3 million tonnes of grade 1.34 g/t (1.00 million ounces) in the inferred category. The company said the latest results are confirming and expanding mineral resources in all three phases of the current open pit mine plan, including 3.05 g/t gold over 30 metres and 2.08 g/t over 24 metres while also returning high-grade intersections at multiple new targets located close to the existing resource, which include 4.27 g/t gold over 12.8 metres and 6.84 g/t over 8.5 metres at the North Contact Zone, and 3.14 g/t over 21.2 metres and 1.38 g/t over 11.8 metres at Pamour West. The company also released one drill hole (555 metres) from drilling along the Keora Trend labelled PAM26-0278, which crossed the target area approximately 200 metres west of the current resource pit. “Today’s results clearly demonstrate that Pamour is a large-scale deposit that has potential for significant growth supported by our plans to increase milling capacity, following the acquisition of the Kidd Metallurgical site, and for a mine redesign to achieve higher levels of production,’’ said Discovery President and CEO Tony Makuch. “Drilling results to date have been extremely successful in both confirming and expanding the existing resource and in returning high-grade intersections at multiple targets,’’ he said. “The mineralizing system at Pamour has been identified over a 4.0 kilometre-extent at depths ranging from 300 metres to 700 metres, with the system remaining open. Our current exploration program includes drilling to infill and further expands the system as we work to establish Pamour’s full potential.’’ Discovery shares advanced on the news, rising 4.5% or 35 cents to $8.07. The shares trade in a 52-week range of $12.48 and $3.13.