A diamond drill program has started on the Ithingo Lake gold property in northern Saskatchewan. Operated by Newmont Mining, the project is held under option from Claude Resources (TSE). Newmont has the right to earn a 70% interest by taking the project to a positive production decision stage.
The initial 3,000-ft program, scheduled for completion by month-end, is testing a gold mineralized zone which has been stripped along strike for 1,100 ft. Surface sampling completed by Newmont yielded assays averaging 0.1 oz gold per ton across widths of 9 ft to 21 ft.
Higher grading assays include 0.18 oz gold across 12 ft and 0.58 oz in a narrower 3.2-ft section, Claude says.
Gold mineralization is associated with a unit of sedimentary rocks, volcanic rocks and iron formation. The main zone is intensely altered and displays minor sulphide mineralization.
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