Drilling by Homestake (NYSE) on the Akaiwong gold property held under option from South American Goldfields (TSE) in Guyana, has returned encouraging results.
A 12-hole program designed to test a large soil geochemical gold anomaly intersected 115 ft. grading 0.06 oz. gold per ton from 26 ft. to 141 ft. This intersection included 79 ft. of saprolite, strongly weathered material, which assayed 0.065 oz. gold. Three other drill holes returned results of 0.032 oz. gold across 33 ft., 10 ft. grading 0.031 oz. and a 23-ft. section grading 0.098 oz.
Homestake plans to complete geophysical surveys which will aid in delineating the extent of the host dioritic rock that underlies the saprolitic cover.
Additional drilling, scheduled to begin this month, will test around the area of the discovery drill hole. Homestake can earn a 60% interest in the property by spending US$1 million on exploration.
A drill program is also set to begin shortly on three of South American’s properties in Guyana held under option by Denison Mines (TSE). One of these, the Quartz Hill, is adjacent to the large Omai gold deposits being explored by Placer Dome and Golden Star Resources.
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