About half of the program’s budget will be spent on surface exploration involving 30,000 ft of diamond drilling. The objective of the drilling will be to increase reserves on the known 04 and 51 gold zones, and to test geochemical anomalies in other areas of the large property.
Underground test mining will also be conducted on the main 41 zone to evaluate grade continuity and assess ground conditions. The deposit occurs within a fault zone. Dolphin hopes to proceed with a final feasibility study later this summer.
The company says it has opened a field office in the town of Isle aux Mort, 20 km south of the Cape Ray property, and that an access road into the site will be completed this month. Dolphin obtained a $300,000 Atlantic Canada Opportunities Agency (ACOA) grant to help pay for the road construction.
Over the past three exploration seasons, the company has spent about $10 million to explore the 12,064-hectare property where geological reserves stand at 1.13 million tons grading 0.28 oz gold per ton.
Shares of Dolphin have traded recently at 55 cents on the Toronto Stock Exchange. The junior company is 45% owned by Corona Corp. (TSE).
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