Northfield drill-tests Panamanian gold project

A subsidiary of Northfield Minerals (TSE) has completed a program of reverse-circulation drilling on the Minera Remance property near Panama City.

The subsidiary, which is earning up to an 86% interest in the property, drilled 20 holes along six east-west fences spaced at 200-metre intervals. All the holes along a 1-km-long strike length intersected strongly silicified felsic volcanic rocks with 1% to 5% pyrite. The best result was 1.6 grams gold per tonne across 4.5 metres at a depth of 66 metres.

The remaining 10 holes were drilled to test a mineralized envelope surrounding the Principal vein. Of the 14 intersections reported, the best averaged 3.45 grams gold per tonne over 13.5 metres and included a 6-metre interval that ran 7.48 grams. The remaining intersections averaged between 0.32 and 1.81 grams over widths varying from 1.5 to 42 metres.

Based on these results, previous surface sampling and underground sampling, Northfield believes there is a potential geological resource of 5 million tonnes averaging 1.2 grams gold within the 1-km long envelope.

Minable reserves within the Principal vein at the Remance mine are 500,000 tonnes averaging 6 grams gold per tonne, and the deposit has a potential resource of 1.5 million tonnes grading 6 grams per tonne to a depth of 200 metres.

Northfield’s 80%-owned subsidiary is completing geological mapping and sampling until the onset of the rainy season, which is expected in late August. After the rainy season ends, Northfield will drill the property in order to confirm and increase the potential geological resource.