Summer drilling has confirmed the presence of a new deposit at the Olinghouse gold property in northern Nevada.
Alta Gold (ALTA-Q) reports that 50 of the 68 holes drilled in an area known as Green Hill intersected gold mineralization at or near the surface. The Green Hill deposit was initially defined by a strong surface anomaly on the southern flank of the hill.
Hole 383 intersected 105 ft., starting at the surface, grading 0.122 oz. gold per ton; hole 384 hit 45 ft. grading 0.091 oz. gold starting 10 ft. below the surface; while hole 405 hit 15 ft. at 1.059 oz. gold 20 ft. below the surface.
The program tested various targets around the main deposit, including the Gold Chain oreshoot and the North and Deep West extensions.
Alta President Robert Pratt believes the Green Hill deposit will significantly expand the size of the initial mine.
Moreover, because of the location and abundance of near surface ore, Alta plans to put Green Hill into production first. Production from the main deposit would follow.
Additional drilling is scheduled to last until year-end.
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