Newmont Gold (NGC-N) and La Teko Resources (LAO-V) have intersected gold mineralization in a new zone discovered at the True North deposit, near Fairbanks, Alaska.
The structure, known as the Merlyn zone, is west of the main deposit.
To date, drilling has intercepted the new zone in three holes. Hole TN-648 hit 30 ft. of sulphide mineralization grading 0.314 oz. gold per ton, starting at a depth of 180 ft., while hole 661 encountered 25 ft. of probable oxide mineralization grading 0.118 oz., starting at a depth of 65 ft.
Assays from the third intersection are expected in October.
The current phase of drilling is part of an expanded US$3.7-million exploration program.
Newmont, which is earning a 65% interest in the True North joint venture, has commenced initial engineering studies, including a 2,000-ft. program of large-diameter core drilling on the Shepard and Hindenburg zones. The company has also begun preliminary studies for the placement of leach pads and waste dumps.
Newmont has added two parcels of land to the True North joint venture, increasing to 10,794 its acreage there.
The mineral inventory was last estimated at 1.3 million oz. gold, contained within 18.2 million tons grading 0.072 oz. per ton.
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