The latest results from the Glover Island property in western Newfoundland indicate that the Kettle Pond South gold zone stretches for at least 300 ft. along strike.
Stepout holes KPS-3 to KPS-5, designed to follow up results from hole KPS-2 (T.N.M., Dec. 9/91) returned encouraging intervals including 33 ft. grading 0.13 oz. gold per ton in KPS-4 and 12.5 ft. grading 0.1 oz. gold in KPS-5. Newfoundland Goldbar Resources (CDN), which recently began trading on the unlisted market, is earning a 50.1% interest in the property from Varna Gold (ASE). Goldbar, which last traded at 53 cents, owns about 18% of Varna. The recent results confirm that the Kettle Pond South zone is dipping at 65-75 with an apparent width of 65-75 ft., Goldbar says. Mineralization occurs within pyrite-rich, highly silicified felsite sheets and quartz-albite zones associated with the Baie Verte-Brompton fault.
Assays are pending on five additional holes drilled on two other gold zones at Glover Island.
In a separate development, NovaGold Resources (TSE) has agreed to purchase International Corona’s (TSE) interest in Varna’s Pine Cove property on the Baie Verte Peninsula, subject to a feasibility study.
The study, to be completed by the end of the month, will determine if vat leaching techniques now being used at NovaGold’s Murray Brook mine could be applied to the Pine Cove ore.
Corona has outlined a preliminary reserve of 2.36 million tons grading 0.09 oz. gold at Pine Cove.
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