A diamond drilling program has been completed by Bitech Energy Resources (ASE) on the company’s Nugget Pond gold property near Betts Cove, Newfoundland.
Bitech completed 16 holes for a total of 6,700 ft during the recent program. Results for the last two holes include 3.6 ft of 1.07 oz, 9.8 ft of 0.17 oz and 4.9 ft of 0.42 oz gold per ton. Diamond drill hole 16 included a 21.7-ft section from 361.9 ft to 383.6 ft which averaged 0.97 oz gold.
The gold zone was discovered earlier this year by surface trenching. According to a Bitech geologist, the zone occurs within sediments at th e top of a pillowed mafic volcanic flow. The gold is associated with 20% to 25% pyrite, he said.
The company says drilling will resume in the new year once the current data is compiled and evaluated and financing has been secured.
Bitech has also requested that its engineers proceed with preliminary metallurgical work at Lakefield Research Laboratories.
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