Drilling is under way at the Pine Cove gold project near Baie Verte, Nfld., where Anaconda Gold (ANX-V) is earning a 60% interest in the project from New Island Resources (NIS-V).
The partners plan 1,500 metres of drilling on eastern and western strike extensions of the known Pine Cove mineralization, and will also do some infill drilling. A target to the north of the Pine Cove gold deposit, Pasture Pond North, will also be drill-tested.
Previous exploration by Corona Corporation and NovaGold Resources (NRI-T) outlined a reserve of 1.9 million tonnes grading 3.2 grams gold per tonne, in two zones, dubbed Thunder and Lightning. The reserve, estimated by consulting firm Watts, Griffis and McOuat, was based on pre-1993 guidelines and is not in compliance with present securities regulations.
Pasture Pond North, about 100 metres north of the Pine Cove mineralized zones, has one drill hole in it. That hole intersected 3.7 metres at a grade of 7.8 grams gold per tonne.
Several surface showings about 5 km east of the main mineralization will also be followed up in the present project.
Be the first to comment on "Anaconda starts Pine Cove drilling"