Montreal-based Sulliden Exploration (SUE-M) has begun a second drill program at the Betts Cove gold project on Newfoundland’s Baie Verte Peninsula.
The 6-hole, 1,600-metre effort, which is designed to follow up the favorable results returned from work carried out last year, is expected to last until the end of February.
Highlights from the 1997 program include 5.7 grams gold per tonne over 0.5 metre in hole 1 and 10.3 grams over 0.5 metre, 6.7 grams over 0.5 metre and 17 grams over 0.6 metre in hole 2.
The mineralization is described as a stockwork of quartz-pyrite veins crosscutting mafic volcanic rocks. It is similar to the mineralization underlying the nearby Nugget Pond gold mine of Richmont Mines, where reserves stand at 445,000 tonnes grading 12.24 grams gold per tonne.
The current program at Betts Cove is testing the Nugget Pond horizon (the same horizon mined at Nugget Pond), which is situated stratigraphically above the mineralized intersections in holes 1 and 2. The target coincides with a strong induced-polarization (IP) anomaly and the presence of sediments and iron formation.
The junior is seeking high-grade, small-tonnage deposits in Newfoundland, as well as low-grade, large-tonnage epithermal and porphyritic deposits in Peru.
Sulliden has working capital of almost $3 million.
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