Vancouver-based International Mahogany (TSE) says recent surface exploration work has discovered a new gold-bearing structure on the Star Lake property, adjacent to its 70% owned Jolu gold mine in northern Saskatchewan. Mahogany and Corona (TSE) have the right to earn a 100% interest in the Star Lake property where a new gold-bearing structure, called the Ducksnest zone, has yielded several high-grade grab samples containing visible gold. The company reports five grab sample results ranging from a low of 0.005 oz. gold per ton to a high of 2.7 oz. Two samples of quartz vein material yielded assays of 0.27 oz. and 1.2 oz.
“It is too early to determine the significance of this discovery, and additional exploration is required before any conclusions can be made,” said Donald Busby, chairman of Mahogany.
Meanwhile, exploration is continuing around the company’s Jolu mine which is 30% owned by Corona.
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