Drilling by Madison Enterprises (mad-v) at its Mt. Kare property in Papua New Guinea has returned high-grade mineralization.
A 4.5-metre intersection from hole 5 — part of an 11-hole, 1,663.5-metre diamond drill program — returned 2,140.98 grams gold and 677 grams silver per tonne. The high-grade section was part of an intercept grading 308.4 grams gold and 129 grams silver over 31.8 metres.
Another intercept, from farther up-hole, returned 7.5 metres grading 1.15 grams gold and 45.6 grams silver.
High-grade mineralization was also intersected in hole 6, which returned 39 metres of 9.64 grams gold and 67.6 grams silver, including 15 metres of 23.34 grams gold and 145.1 grams silver.
Results from surface include: hole 1, which returned 25.5 metres of 0.92 gram gold and 17.1 grams silver, 6 metres of 1.36 grams gold and 41.9 grams silver, and 6 metres of 1.04 grams gold and 1.2 grams silver; hole 2, which intersected 24 metres grading 0.58 gram gold and 14.1 grams silver; hole 4, which returned 15 metres of 0.62 gram gold and 16 grams silver; and hole 10, which hit 6.6 metres of 1.18 grams gold and 2.8 grams silver, and 9 metres of 1.78 grams gold and 2 grams silver.
Results from holes drilled near surface include: 19.5 metres grading 1.01 grams gold and 10.3 grams silver, as well as 27 metres of 3.32 grams gold and 5.1 grams silver, in hole 3; and 6 metres of 1.63 grams gold and 10.6 grams silver, as well as 24 metres of 2.78 grams gold and 19.6 grams silver, in hole 9.
Other results include: 40.5 metres of 4.37 grams gold and 88.6 grams silver, including 10.5 metres of 9.65 grams gold and 152.3 grams silver, in hole 7; and 9 metres of 7.46 grams gold and 19.5 grams silver (part of a longer intersection of 73.9 metres grading 1.8 grams silver and 47.7 grams silver) in hole 11.
Results from hole 8 are still pending.
Madison’s initial four holes were designed to evaluate a series of northeasterly-trending zones previously intersected by former owner RTZ-CRA.
According to the company, the drill pad is directly atop one of the trends. Holes from that site returned gold and silver mineralization from surface to a depth of 25.5 metres.
Mt. Kare is contiguous to the west of the Porgera gold mine, which is operated by Placer Dome (pdg-t). The 220-sq.-km property was explored by CRA, which sunk 32 holes between 1989 and 1990.
Madison’s geological interpretation of Mt. Kare indicates potential for a gold deposit “similar in scope and style to that found at Porgera.”
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