The company conducted more than 12,000 ft of diamond drilling in a program which tested both shallow and deep extensions of a previously know sulphide deposit.
According to Gamsan, six recent holes intersected a hitherto undrilled shallow extension of the deposit in the northeastern part of the property.
Assay results from the near- surface intersections are as follows: Hole Width Zinc Copper Silver
(ft) (%) (%) (oz/t) 13 13.8 10.60 0.99 0.47 14 17.7 5.64 0.51 0.23 15 7.5 2.96 0.31 0.11 16 13.4 5.30 1.56 0.55 17 11.8 5.23 1.16 0.54 18 11.2 2.32 0.29 0.09
10.8 6.17 2.22 0.76
The above intersections were obtained at core depths of between 120 ft and 350 ft. Spacing and inclination of the holes were not specified.
The company also reported intersecting deep sulphide lenses in Hole 12 between core depths of 950 ft and 1,100 ft. The best results included 27 ft grading 2.74% zinc, 0.38% copper and 2.16 oz silver per ton, and a second interval of 37.57 ft grading 5.09% zinc, 0.75% copper and 2.24 oz silver per ton. In Hole 11, drilled about 500 ft along strike from hole 12, the company intersected 13.9 ft of 5.9% zinc, 10.8 ft of 4.8% zinc, and 7.6 ft of 6.0% zinc.
According to a company geologist, the deposit is hosted by a shear zone and is estimated to contain total reserves of about 3.3 million tons grading 4.4% zinc and 0.6% copper. A highway which traverses the nearby La Ronge greenstone belt provides access to the Brabant Lake property.
The results from the recent drilling are being assessed by Gamsan’s consultant, MPH Consulting, and a revised reserve estimate is expected for the deposit. A second phase of drilling could commence this spring, the company says.
Shares of Gamsan Resources have traded at about 90 cents recently on the Alberta Stock Exchange.
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