Drilling by Newfoundland Goldbar Resources (CDN) on its Glover Island property in west-central Newfoundland returned significant gold values over wide widths.
Three holes were drilled on 300-ft. stepouts to the east to test the Lunch Pond South Extension zone where a hole drilled late in 1992 returned 0.07 oz. gold per ton over 176.5 ft. (T.N.M., March 8/93).
Hole SE-7 intersected 107.25 ft. grading 0.061 oz. gold, which includes two higher-grade lenses which average 0.205 oz. gold over 22.75 ft. A second hole (SE-8) contained 117 ft. of 0.07 oz. gold, which includes 58.5 ft. grading 0.116 oz. and a higher-grade lens averaging 0.421 oz. across 10 ft. Mineralization occurs in a highly silicified and pyritized felsite unit. Work to date indicates the mineralized zone has a strike length of at least 4,000 ft. and is open in all directions.
The company expects drilling to continue for at least another six weeks. The operator, Newfoundland Goldbar, is earning a 50.1% interest in the property from Calgary-based New Island Minerals (ASE).
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