Mineralization now stretches 100 metres farther at Fortress Minerals’ (FST-V, FTMNF-O) Elena prospect, part of its 51%-owned Svetloye gold project in Russia’s Far East.
That’s a direct result of drilling 61 holes totalling 8,300 metres over 2007, with the latest drill holes rounding off the epithermal mineralized zone to 10 km in length.
The final drill results for the year, released in January, were highlighted by several significant intersections, such as 5.2 grams gold per tonne over 65.6 metres in hole PDSC-119.
Hole PDSC-121 returned 15.5 metres grading 3.53 grams gold.
The company also noted a 19.7-metre intersection in hole PDSC-117 that averaged 0.91 gram gold. This drill hole added 100 km to Elena’s strike length, in a southwest direction.
Elena is one of nine prospects at Svetloye, including the most recently discovered Sandy and Katie prospects.
Gold is associated with zones of vuggy silica, alunite and late-stage veins. Fortress has drilled more than 13,000 metres in total over three field seasons.
Located 80 km from the Pacific Ocean, the project is close to the port of Okhotsk and accessible by winter road or helicopter.
The remaining 49% of the project is owned by Freeport-McMoRan Exploration, a subsidiary of Freeport-McMoRan Copper & Gold (FCX-N). Freeport explored the project during 2003 and 2004, discovering the first seven prospects.
Fortress can earn up to 80% in Svetloye, which it plans to do during 2008.
Fortress shares were up nearly 10% on the news, or 13 apiece, to $1.45 on a trading volume of 103,000 shares.
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