The discovery of a gold showing along a bush road has prompted
Preliminary stripping and channel sampling over the showing returned 6.13 grams gold per tonne over 4.7 metres and 4.91 grams gold over 3 metres. The values obtained ranged between 1.8 and 11.6 grams, with most of the samples being 1 metre long.
Noveder obtained rights to earn a 100% interest in the previously unexplored property in return for cash payments of $9,000, 153,000 of its shares, and work commitments over a 3-year period. The vendor retains a 1% net smelter return royalty.
The property is in the Aplache-Avalon gold belt, which extends from South Carolina to Newfoundland. Locally, it is hosted by the Upper Proterozoic Burin-Bonavista belt, newly recognized as the host of multiple gold occurrences of epithermal-type, associated with large-scale alteration zones.
The mineralized showing is in a hydrothermal breccia made up of fragments of gabbro and sedimentary rocks. The matrix contains a variable amount of sulphides (traces of pyrite and arsenopyrite) that are believed to be directly related to the gold. Noveder speculates that regional-scale faults may have played an important role in localizing the gold.
Field work is expected to begin shortly. Noveder has other properties in Newfoundland and in Quebec’s Abitibi mining camp.
Be the first to comment on "EXPLORATION — Noveder adds to Newfoundland holdings"