Kingswood finds new zone while drilling at Devon

Toronto-based Kingswood Explorations (ASE) has discovered what it believes is a major new shear zone at its Devon property near Matheson, Ont. where the first results from a 12-hole program have just been released. Assay results in the first four holes include 7 ft of grade 0.21 oz gold per ton and 4-ft grading 0.972 oz, 5.5 ft of grade 0.116 oz and 4-ft of grade 0.222 oz.

Under an agreement with Dalhousie Oil of Toronto, Kingswood can earn a 70% interest by spending $800,000 over the next four years and making property payments of $100,000 during each year.

While values in the new zone were trace only, Kingswood says it consists of over 120 ft of highly altered, silicified and sericitized rock and that the structure is being tested with four additional holes. The strike length has been extended for 1,000 ft but values are not yet available for the new holes,” said President Stephen McIntyre

In addition, two holes were drilled in a geophysical anomaly about 500 ft south of the other holes. While assays are not yet available, McIntyre said the anomaly appears to be due to a magnetic periodotite.

Highlights from the 12-hole program are as follows:

Width Grade Hole (ft) (oz/ton) 88-1 2 ft 0.353 88-2 10 ft 0.310 88-4 18.5 ft 0.246 88-6 7 ft 0.217 88-7 4 ft 0.972