Kit drills gold target at George Lake property

Assays from summer drilling at the George Lake gold project of Kit Resources (KIT-T) in the Northwest Territories show some strong grades.

Assays from drilling on the Goose Lake prospect included: 4.25 grams gold per tonne over 5.64 metres in hole GO-10; 28.6 grams over 1.48 metres and 13.02 grams over 4.28 metres in hole GO-11; 6.06 grams over 5 metres, 10.11 grams over 10.31 metres and 28.34 grams over 2.41 metres in hole GO-12; 12.28 grams over 13.92 metres in hole GO-14; 5.94 grams over 2.41 metres, 214.39 grams over 2.26 metres, 20.44 grams over 8 metres and 5.3 grams over 1 metre in hole GO-15; 7.33 grams over 3.12 metres and 6.83 grams over 4.79 metres in hole GO-16; 23.48 grams over 2 metres and 14.03 grams over 3.95 metres in hole GO-17; and 21.1 grams over 10.67 metres in hole GO-18.

At the smaller Slave and Lone Cow Pond deposits, several notable assay results were received from infill drilling: 6.48 grams per tonne over 2.99 metres in hole SL-5; 12.99 grams over 4.84 metres in hole SL-7; 9.12 grams over 16.24 metres in hole SL-8; 7.75 grams over 6.85 metres and 12.93 grams over 1.9 metres in hole LC-7; 6.73 grams over 3.12 metres in hole LC-9; 11.22 grams over 3.88 metres in hole LC-10; 14.64 grams over 6.77 metres in hole LC-11; and 5.38 grams over 3.61 metres in hole LC-12.

At Locales 1 and 2, several more significant assay results were obtained: 10 grams over 3.53 metres in hole L1-4; 17.93 grams over 2.59 metres in hole L1-014; 20.45 grams over 2 metres in hole L1-22; 9.59 grams over 3.04 metres in hole L1-43 and 5.85 grams over 6.38 metres in hole L2-23.

Kit has begun recalculating the gold resource on the George Lake property under the direction of H.A. Simons Ltd., which is also preparing a feasibility study on the project. The geological resource has been estimated at 1.4 million tonnes grading 13.8 grams gold per tonne.

Kit has made a new discovery at Llama Lake, 6 km west of the George Lake property. In an area covered by overburden, a drill intersection recently assayed 10.77 grams gold across 2.2 metres, while a second hole hit 9.49 grams across 1.35 metres. Follow-up drilling is planned for 1998, the company reports.