The budget increase follows the discovery of significant high-grade results during drilling at the Three Bluffs occurrence, as well as promising new surface discoveries.
The highlight at Three Bluffs was hole 13, the deepest hole drilled to date, which intersected 51.34 grams gold per tonne over 3.29 metres at a depth of 102 metres; 95 metres down-hole of that, the hole hit 12.5 grams gold over 7.6 metres, including 3.7 metres grading 19.6 grams gold.
Results from Three Bluffs indicate that the widest high-grade zones extend from surface and plunge 20-30 to the northeast. The holes intersect multiple zones of mineralization.
Gold-bearing quartz veins are concentrated along the contact of iron formation with dacite. The contact has been traced over a 3-km strike length. Drilling has shown that gold mineralization extends at least 500 metres along strike below a diorite sill.
The most westerly hole in recent drilling cut 6.7 metres grading 15.08 grams gold per tonne at a down-hole depth of 84.3 metres, including a 3.29-metre section of 25 grams gold. Another highlight was hole 26, which hit 6.3 metres grading 14.7 grams gold at a down-hole depth of 101 metres, including a 3.85-metre intercept of 20.78 grams gold. At 129.4 metres down-hole, a second zone assayed 7.24 grams gold over 4.6 metres.
Four holes tested the surface exposure of high-grade gold-bearing folded iron formation in the Four Hills area. This resulted in assays as high as 3.77 grams gold over 5.94 metres.
Three other holes tested an electromagnetic anomaly north of outcropping iron formation. The best intercept graded 1.8 grams gold per tonne over 1.5 metres.
Many more showings have been found; this summer alone, three new gold zones have been added to the 48 known occurrences. The Raven area returned some of the highest assays. Twenty-two grab samples were taken, eight of which assayed greater than 5 grams gold (the highest grade was 103 grams gold per tonne).
Ground magnetic and electromagnetic surveys as well as mapping and sampling are being done to locate drill targets. An initial mineral resource estimate should be completed for Three Bluffs by the end of October.
Gold Fields has earned a 55% stake in the 6,000-sq.-km project area.
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