ESO Uranium (ESO-V) hit its most significant gold intersect on the last hole of a drill phase at its Mikwam claims in northeastern Ontario.
But the news failed to exert any upward pressure on the Vancouver-based company’s shares. In Toronto on Aug. 15, its shares were down almost 2% or 1 to 53 on roughly 119,000 shares
Hole 6-17 intersected 4.99 grams gold per tonne over 13 metres from 246 to 259 metres.
The Mikwam claims, which span over 107 sq. km., are wholly owned by ESO, and are situated along the Casa Berardi deformation zone.
In all 10 holes were drilled for a total of 3,946 metres in the phase.
Other highlights include:
- Hole 6-14 intersecting 3.65 grams gold per tonne over 16 metres, from 138 to 144 metres.
- Hole 6-15 intersecting 4.37 grams gold over 18 metres from 259 to 277 metres.
True widths of the intersections aren’t yet known.
The company says drill results are “generally consistent” with historical drilling by Royal Oak and Newmont Canada (NMC-T, NEM-N).
ESO has stopped drilling so it can evaluate the results and merge them with the historical data. Following that, ESO says, it will define the true widths of the intersections.
The data from the holes is being used by Caracle Creek International Consultants, an independent consultant, to complete a resource estimate that is compliant with NI 43 101.
Beyond exploring for gold in Casa Berardi, the company is hunting for uranium in the Athabasca Basin in Saskatchewan.
It has roughly 4,000 sq. km. of mineral claims in the Basin — making it one of the largest land holders in the region.
Be the first to comment on "ESO Uranium hits Ontario gold"