Four drill holes designed to test gold mineralization below the open-pit floor at the Golden Arrow gold project in northern Ontario have not disappointed Murgor Resources (MGR-V).
Hole 5 returned 47 metres of 2.04 grams gold per tonne including 15 metres of 3.05 grams gold; hole six returned 35.5 metres of 1.70 grams gold including 24.50 metres of 2.04 grams gold; hole seven cut 14 metres of 3.37 grams gold including 10 metres of 4.09 grams gold; and hole eight returned 4 metres of 2.88 grams gold.
Three of the holes were drilled from the 90-foot bench of the Golden Arrow open pit, while a fourth, hole 8, was drilled from the eastern edge of the open pit.
The drill holes are part of Murgor’s due diligence drilling program at the Golden Arrow gold property, 65 km east of Timmins. Earlier this week Murgor signed a definitive agreement with Victoria Gold Mines to acquire an interest of up to 70% in the property.
The Golden Arrow project consists of 17 mining patents and leases and two mining claims covering 524 hectares in Hislop Township, 65 km east of Timmins.
Originally the property was explored underground in the 1940s by the Golden Arrow Mining Company, which sank a 130-metre shaft from surface and completed about 700 metres of horizontal development work on the 76-metre and 122-metre levels.
Between 1981 and 1982, previous operators mined 279,593 tonnes of ore grading 2.09 grams gold, but mining ground to a halt due to uneconomic gold prices.
The deposit is 5 km southwest of the Ross gold mine, which produced nearly one million ounces of gold between 1936 and 1989.
Also in Hislop township is St. Andrew Goldfields‘ (SAS-T) producing Hislop mine, and Brigus Gold‘s (BRD-T, BRD-X) Black Fox mine.
The company plans to start a 5,000-metre drill program this month.
At presstime in Toronto Murgor was trading at 22¢ per share. Over the last 52 weeks it has traded between a low of 9¢ (Sept. 13 2010) and a high of 27¢ (Dec. 17 2010).
Be the first to comment on "Murgor finds more gold beneath open pit at Golden Arrow"