Partners Alberta Star Development (ASX-V) and Fronteer Development Group (FRG-T) continue to be encouraged by drill results from their Dixie Lake gold project in Ontario’s Red Lake camp.
Alberta Star has rights to earn up to a half-interest in Fronteer’s Dixie Lake property by spending $2 million on exploration, paying $135,000 cash, and issuing 150,000 of its shares by September 2006.
Hole 04-06 intersected the 88-4 zone at a vertical depth of 321 metres and returned 10.9 grams gold per tonne over 8.2 metres, including 15.1 grams over 5.1 metres. This hole intersected a wider, higher-grade, down-plunge extension of the 88-4 zone, a newly defined gold shoot that remains open at depth. It has an average strike length of 110 metres and an average width of 4.9 metres, and is defined from near surface to 350 vertical metres.
Hole 05-05 intersected the 88-4 zone at a vertical depth of 236 metres and returned 7.4 grams gold over 2.1 metres, including 11.2 grams over 1.1 metres.
The companies expect ongoing drilling to encounter multiple gold shoots. A third phase of drilling is planned for later this year; it will include at least 5,000 metres of drilling and a property-wide, mobile-metal-ion program to target the down-plunge continuation of the new zone, as well as other gold zones.
A resource calculation is expected to follow.
Be the first to comment on "Alberta Star, Fronteer explore Dixie Lake"