Vancouver – Northrock Resources (NRK-V) drilled high grade gold over decent widths at the Turner Lake property, about 20 km northwest of Bathurst Inlet in Nunavut.
Intercepts, from 13 of 14 holes that hit mineralization in the Main gold zone, graded as much as 16.2 grams gold per tonne over 8.5 metres in hole 12 starting around 115 metres below surface.
Hole 6 hit 10 metres grading 3.18 grams gold starting 47 metres downhole and hole 7 cut 9 metres grading 2.49 grams gold starting 20 metres deeper.
Overall, intercept widths ranged between about 1 and 10 metres and graded between 1 and 32 grams gold. Northrock says the intercepts are 50 to 80% true width.
Northrock has an option to earn a 65% interest in Turner Lake from Trade Winds Ventures (TWD-V) for $1 million in property related expenditures and issuance of 150,000 shares within its first year.
It can earn an additional 10% stake for $500,000 and another 250,000 shares. It is not clear if the $500,000 is a cash transaction or an exploration expense.
Northrock says the Main zone was the primary target on the property in 2008 and that it shows at surface over 500 metres. It is open on strike and at depth.
Gold mineralization mostly occurs within an iron metasedimentary unit near a mafic metasedimentary-ultramafic contact, Northrock says.
On news of the drill results Northrock’s share price dropped 2.5¢ to 9¢, though Trade Winds’ gained 1¢ to close at 11¢. Respectively the companies have 13.6 million and 89.4 million shares outstanding.
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