NovaGold reports that both holes intersected moderate widths of mineralized vein material. Hole 7 cut 11 ft of 0.035 oz gold per ton and 2.7 oz silver while hole 8 cut 33 ft grading 0.043 oz gold and 2.5 oz silver.
The two holes were drilled 1,600 ft north of the main Summit vein system which earlier this year yielded encouraging results including 12 ft of 0.25 oz gold and 21.8 oz silver.
The Summit vein system is a 40- to 120-ft wide quartz-calcite breccia zone which has been explored along a 3,600-ft strike length to date. The phase-one program consisted of seven holes and one wedged hole put down to confirm the continuity of the vein system.
A 10,000-ft phase-two drilling program is under way, testing the down dip extent of the intercepts encountered in holes 7 and 8. Additional step-out holes are being drilled along strike to the north at 400-ft intervals, the company said.
The property is 100% owned by NovaGold, with Biron Bay Resources (ASE) earning a 60% interest through spending $4 million on exploration by 1993. Situated in the historic Steeple Rock Mining district, the property hosts geological reserves estimated at 1.3 million tons grading 0.19 oz gold and 19 oz silver.
The district produced about 135,000 oz of gold and three million ounces of silver during 1880- 1946, mostly from small, high grade operations. NovaGold’s interest is in outlining large low grade reserves amenable to vat or heap leach gold recovery methods.
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