Vancouver – Anaconda Gold (ANX-V) has intersected high-grade gold mineralization at the Damoti Lake gold project situated 200 km north of Yellowknife, NWT.
The latest round of drilling is focussed on upgrading the Horseshoe zone resource. Hole D04-329 returned 10.95 metres grading 74.54 grams gold per tonne, at a shallow depth of 57.5 metres to 68.45 metres. The intersection included some higher-grade intervals, such as 1 metre averaging 365.75 grams gold.
The full intersection was sampled and assayed in 0.5 metre sections and all returned high-grade gold, thus mitigating any potential nugget effect. True width of the intersection is estimated at 6.05 metres.
Anaconda is earning a 55% interest in Damoti Lake from Doublestar Resources (DSR-V) by spending $2.5 million over four years.
The latest drill program consisted of 20 core holes totaling 1,421 metres. Results from 15 holes are pending.
Anaconda’s review of the drill program and previous work has led it to hypothesize that the high-grade lenses are sub-parallel to the dip of the iron formation, thus increasing their down-dip and plunge potential. Hole D04-330 intersected 1.8 metres of 14.25 grams gold about 20 metres below hole D04-329’s intersection, and thereby supported this model.The targeted Horseshoe zone is typified by high-grade gold mineralization associated with a folded, banded iron formation hosting sulphides and quartz veining.
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