TORONTO – Viper Gold Ltd. (TSXV:VPR) says there’s a “major discrepancy” between an analysis reported two weeks ago and the findings of a followup analysis that didn’t confirm high gold values for samples from its Campbell Lake property.
The company said on Oct. 11 that assay results of 39 grab samples from the property, 30 kilometres west of Matachewan in northeastern Ontario, indicated 1,721 grams per tonne of gold and 3,532 gpt of silver.
It said Monday that the silver values were similar to those reported previously but 12 of the verification samples didn’t show any detectable gold and the other five have “weakly anomalous” values.
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The company said at the time of the first assay report that the samples were provided to it by the unidentified vendor that sold Viper an option to acquire an undivided 100 per cent interest in the property, northeast of Sudbury.
“The company is taking a number of steps to try and identify the root cause for this major discrepancy in the gold values reported for the Campbell Lake and Blue Bottle Lake zones on Oct. 11, 2011 and those reported in this press release.”
The steps will include a third analysis of the original 39 sample rejects at another independent accredited analytical laboratory.
The company issued 200,000 common shares and paid $10,000 to the vendor when the deal closed in September. It was to get a 100 per cent in the property by paying $100,000 and 600,00 common shares over two years.
The company’s shares were halted ahead of the announcement at 16 cents. They fell two cents or more than 12 per cent shortly after trading resumed at the TSX Venture Exchange.
The stock had been at 19 cents before the Oct. 11 announcement and rose to 25 cents that day.
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