A 7,500-ft. drilling program is under way on property in Chester Twp., Ont. by Chesbar Resources (TSE) with a 64% interest and Murgold Resources (TSE) with 36%.
The partners say a new gold zone was found by drilling conducted on the property a month ago.
Following a 5-hole program completed last month, they decided to conduct a follow-up program on the newly discovered gold zone near the property’s north boundary. Results from the December drilling included 15.5 ft. grading 0.22 oz. in hole 1 and 0.29 oz. gold per ton in hole 4. The first hole in the current program cut 0.31 oz. across 12.3 ft. at a vertical depth of 725 ft.
Drilling is continuing with a series of stepout holes to test the eastward extension of the zone at depths of 500 ft., with deeper drilling to follow.
The property hosts multiple shear zones containing gold-bearing quartz veins. Preliminary estimates of reserves stand at 507,365 tons averaging 0.23 oz. gold.
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