More mixed results from Damoti Lake

Toronto-listed Athabaska Gold Resources has reported new drill results from the Damoti Lake property, and again the values are mixed.

Assays from Hole D-15, drilled to test the east band of iron formation on North Island (north of Yellowknife, N.W.T.), intersected 23 ft. grading 0.24 oz. gold per ton at a depth of about 262 ft. The intersection included a 3.3-ft. interval grading 1.02 oz. gold.

Athabaska is testing a large iron formation-hosted gold system under a farm-out agreement with Consolidated Ramrod Gold (TSE).

Ramrod is earning a 51% interest by funding $2.7 million in exploration while Gitennes Explorations (CDN) holds a 25% working interest. After Ramrod’s earn-in, Athabaska will hold a 24% working interest.

Athabaska does not believe Hole D-15 intersected the targeted east zone. The hole intersected a barren dyke at the targeted depth and, as a result, the intersection likely represents another zone which outcrops underwater to the east of North Island.

Other recent results were disappointing, including Holes D-13 and D-14, drilled to test the east iron formation at a depth of about 66 ft. below surface.

Although surface sampling returned values of up to 0.77 oz. gold, the two holes encountered gold values ranging from 0.013 to 0.020 oz. gold. The company also released results for Hole D-12, which was drilled below Holes D-5 (33 ft. grading 0.47 oz. gold) and D-8 (6.7 ft. grading 0.19 oz. gold) on BIF Island.

Hole D-12 intersected gold values of 0.014 to 0.036 oz. gold over a narrow band of iron formation.

Assay results from a Hole D-16, drilled on the south grid area on a peninsula south of BIF Island, are not yet available. The hole is reported to have intersected several sulphide-rich bands below a 330-ft.-wide belt of iron formation at surface.

Athabaska plans further drilling at the property, from the lake ice, following freeze-up. Its objective will be to test the zone on strike to the north and south, as well as between BIF and North Islands.