Newfoundland Goldbar Resources (CDN) plans to start a 12,000-ft. drill program on the Glover Island gold property in western Newfoundland to follow up on work completed last year.
Under an option agreement with Varna Gold (ASE), Goldbar can earn a 50.1% interest in the property which is known to host a deposit containing 175,000 tons of grade 0.1 oz. gold-per-ton in the Kettle Pond South Zone. During 1991, Goldbar tested a gold zone with a strike length of 3.5 miles which previously yielded a 57.8-ft. intersection averaging 0.15 oz. Drills returned a number of low grade intersections including 11 ft. of grade 0.04 oz. and 3 ft. of 0.08 oz.
Goldbar says results indicate that the gold mineralization is contained within a distinct stratigraphic horizon which has a potential strike length of five miles. As soon as weather conditions permit, Goldbar will test the potential of the gold mineralized zone by focusing on six major IP anomalies ranging up to 2,800 ft. in length. Drilling will also test for strike and dip extensions of the Kettle Pond South Zone. As well, the company is set to conduct new reconnaissance surveys for gold and base metals mineralization. Goldbar is project operator.
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