Vancouver — As Sulliden Exploration (SUE-T) stops exploring its Mustang and Rolling Pond gold properties, Altius Minerals (ALS-V) has launched a 2,500-metre drill program over the nearby Moosehead property in central Newfoundland.
The program is targeting a high-grade, low-sulphidation, epithermal gold system identified by a gold-in-soil geochemical anomaly measuring 700 metres by 300 metres.
Boulders over the area returned up to 400 grams gold per tonne. Mineralization is hosted in quartz veins and quartz vein breccias.
Previous drilling in 1996 intersected a narrow zone running 259 grams gold over 10 cm. Some 25-30 holes are planned for this round of drilling.
Sudbury Contact Mines (SUD-T), an affiliate of Agnico-Eagle Mines (AGE-T), can earn up to a 60% interest in the property by spending $1.8 million and paying Altius $150,000 over five years.
Also in central Newfoundland, Sulliden has opted out of its agreement to earn 60% of the Rolling Pond property and 50% of the Mustang gold property. Both projects revert back to Altius.
In the western part of Newfoundland, Altius has added 90 claims to its Rocky Brook uranium property.
Boulder samples from the area reportedly returned up to 11.5% uranium oxide, 29,448 grams silver and 17.8 grams gold per tonne.
Outcrop values of 2.2% copper over 5.2 metres have also been recorded.
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