Drilling by Placer Dome (PDG-T) has intersected a new zone and expanded known zones of gold mineralization at the East Bay property in Ontario’s Red Lake camp.
Ownership of the project is shared equally with Wolfden Resources (WLF-V). As operator, Placer can increase its interest to 65% by funding a feasibility study to advance the property to production.
More than 50 holes have been drilled in the current program, which is designed to extend previously known zones and test new targets.
The first hole, drilled on an exploration target 2 km from the GAZ (Green Altered Zone) gold horizon, resulted in the discovery of the EB-South zone. The new zone is about 4 metres wide and consists of quartz-carbonate veining with pyrite, pyrrhotite, sphalerite and visible gold. Only one sample has been received to date: a narrow, 0.3-metre interval grading 398 grams gold per tonne. Assays for the balance of the section are pending.
Drilling in the GAZ zone is expanding the main mineralized area, where previous drilling returned numerous high-grade intersections.
Partial assay results are in hand for two of these holes: hole 40 intersected 1.6 metres grading 6.98 grams gold per tonne starting at 80.5 metres, and hole 47 cut 2.7 metres of 7.48 grams gold starting at 95 metres.
Drilling in the Deep West zone, a target identified in last summer’s program, extended known mineralization 50 metres along strike to the northeast. Hole 43, the first of the current program, intersected 2.2 metres grading 15.15 grams gold.
Wolfden notes that drilling at East Bay has intersected several areas that host “potentially economic gold mineralization.” The most advanced of these, the main GAZ horizon, has been traced over a strike length of more than 500 metres and remains open for expansion.
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