Vancouver — Aiming to expand the known resource of the Siwash North and WD vein systems, junior Almaden Minerals (AMM-T) has launched a $350,000 drill program at its wholly-owned Elk gold property in British Columbia.
Located 45-km southeast of Merritt, the property hosts eight gold-bearing pyritic quartz veins. Mineralization is hosted in granitic rocks near the margin of a major batholithic intrusion at the contact with mafic volcanic rocks.
The Siwash North vein system is the largest and has been the focus of most of the exploration work completed to date. Previous diamond drilling has traced the vein system over a 950-metre strike length to depths of 300 metres below the surface.
The main shoot, dubbed "Mother Shoot" was mined by open pit methods from 1992-to-1994 cranking out 14,724 tonnes at an average grade of 100.6 grams gold per tonne. From 1993-to-1995, underground mining operations produced 3,860 oz of gold.
At last count, the Siwash North vein system contains a probable underground reserves of 29,838 tonnes grading 28.6 grams gold per tonne. Indicated and inferred resources stand at 10,565 tonnes averaging 47.1 grams gold and 71,311 tonnes grading 43 grams gold, respectively.
Although most of the drilling will target the Siwash vein, Almaden’s first drill target lies 140 metres north at the WD vein. Previous drilling defined an inferred resource of 17,000 tonnes grading 48.2 grams gold.
Wheaton River Minerals (WRM-T) is financing the program as part of a deal to earn a 10% stake in the project.
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