09:10 AM EDT, 09/29/2020 (MT Newswires) -- Kerr Mines Inc. (KER.TO) may add to yesterday's 3.9% gain after reporting Tuesday an update on its resource expansion drilling program at the Copperstone gold project in Arizona.
The company said it is currently drilling the fourth drillhole out of up to 20 drillholes for the surface drilling program, with drill assays currently pending.
The four holes are focused on resource expansion, with two holes drilled in the recently discovered Footwall zone. The remaining two holes are in the previously defined Copperstone zone.
Kerr said the main objective of the current drill campaign is to extend the Footwall zone along strike and down dip, with 4,000 meters to 5,000 meters of surface reverse circulation and underground core drilling planned.
Following the surface RC drilling, the program will commence its second phase of the 2020 exploration program and will move underground. The core program has allocated 4,000 meters to 5,000 meters of drilling designed to intercept expansion and conversion targets in both the Copperstone and parallel Footwall zones.
Kerr said it is well-funded to complete its drill campaign thanks to its recently completed $5 million bought deal financing which was increased due to strong investor demand.