Pezgold recently spent $500,000 in a 39-hole drill program on the Todd Twp. property. The 15-claim property is situated in the Pipestone Bay area, west of Red Lake.
The program was designed to upgrade the previously reported reserve of about 72,500 tons grading 0.406 oz gold per ton hosted by a number of mineralized quartz vein systems on the property.
Pezgold reports that the discontinuous nature of gold mineralization encountered did not improve the grade or tonnage of the reserves.
The following table summarizes the significant assay results from the drilling program:
Hole Width Zone Gold (ft) (oz/t) North P1 1.5 0.228
P8 2.5 0.122
2.8 0.260
P12 1.5 0.148 No 2
shaft PW 1.0 0.160
PW11 4.2 0.724 E vein PSE1 4.0 0.144
The gold prospect has been explored intermittently since the mid-1930s. Previous exploration work has included underground development on two of the quartz veins.
No interest in the property was earned by Pezgold, and Jamie says it will seek alternative means of financing further work on the claims.
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