The first deep drill hole put down by Seabright Resources on the Beaver Dam property in Nova Scotia has intersected gold mineralization 700 ft deeper than any previous drilling.
As a result of the significant potential for increasing reserves, the company has decided to invest an additional $20 million in the property.
The hole, designed to test the down-dip extension of two mineralized zones — the Austen and Papke zones — intersected the Austen zone at a depth of 1,930 ft. Assays ran 0.10 oz gold per ton over 9 ft. A second intersection assayed 0.153 over 9.3 ft, including a 5.6-ft section grading 0.22 oz.
Although the grades are not as high as shallower holes, they indicate the continuity of the gold bearing zones.
Seabright plans to wedge the existing hole and will now drill another deep hole 100 m to the west.
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