Results from nine holes drilled on the Horseshoe zone are highlighted by hole 343, which intersected 13.92 metres grading 32.61 grams gold per tonne, including a 5.65-metre intercept of 50.63 grams. Two of the holes hit high intercepts of 4.45 metres grading 20.25 grams gold and 4.99 metres grading 25.07 grams gold.
The Horseshoe mineralization is associated with quartz veining and sulphidation at the nose of a fold in amphibolite iron formation. In 1996, a ramp was developed to the 40-metre level, aiding in the delineation of one of the high-grade lenses in the zone. It is one of 13 targets already identified along the 13-km strike length of the iron formation.
The drill results have led to a new interpretation of the mineralization. High-grade lenses appear to be sub-parallel to the dip of the iron formation (T.N.M., May 31/04).
Previously the zone was thought to be shallow; however, the company is finishing up level plans and longitudinal sections, with slices every 25 metres, and the zone appears to be vertical.
“It seems people had this model in mind, and it is that kind of a deposit that you can make things fit,” says Anaconda Gold President Nicholas Tintor. “Although there’s a lot of folding and structural controls, we’ve looked at it and think it is much more vertically dipping, which is good for mining and good if we can add more tonnes at depth. That is an important finding.”
Anaconda can earn a 55% interest in the project from
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