Drills probing a geophysical anomaly on NovaGold Resources’ (TSE) Sewell Brook property near Plaster Rock, N.B., continue to intersect a high-grade lens of zinc- lead-copper mineralization. Hole 10, drilled at 45 degrees above the original discovery hole, intersected 18.8 ft. averaging 29% zinc, 12% lead, 0.5% copper, 2.77 oz. silver per ton and 0.027 oz. gold at 41 ft. From 60-86 ft., the hole intersected an average of 6.1% zinc and 1% lead, including 5 ft. grading 17.4% copper.
Hole 11, also drilled on the IP anomaly at 45 degrees , encountered the lens from 47-63.5 ft. The 16.5-ft. intersection returned an average 25.8% zinc, 10.3% lead, 0.37% copper, 4.76 oz. silver and 0.061 oz. gold.
Costigan Gold (COATS) can earn a 40% interest in the project by spending $400,000 on exploration over a 3-year period.
The partners are following up results from their first four holes, which picked up the sulphide-rich lens below a mineralized outcrop. Drilling to date has delineated the lead-zinc zone along a strike length of about 400 ft., and to depths of 30-164 ft. A narrow copper-rich zone, intersected in holes 1 and 10, lies stratigraphically below the lead- zinc mineralization.
The lead-zinc zone is hosted by silicified and brecciated volcanics within a regional band of Devonian- age sediments. Mineralization is coarse-grained compared with the fine-grained ores of the Bathurst camp, about 100 miles to the northeast.
On another IP anomaly about 800 ft. to the north, holes 6-9 intersected several wide zones of pyrite but only minor lead-zinc within silicified sedimentary and volcanic rocks. NovaGold hopes to establish the plunge of the main lens with further drilling. At this stage, the partners will attempt to pick up the zone on the south side of Sewell Brook, said NovaGold President Bill Young.
The joint venture has staked about 70 contiguous claims surrounding the Sewell Brook property.
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