Junior gold explorer
The 6-hole program tested for gold mineralization exposed in shallow artisanal mine workings along the western limb of a northerly plunging anticline. Highlights are as follows:
- Hole 1 hit 2.4 metres grading 28.22 grams gold and 74.91 grams silver per tonne, plus 9.62% lead and 5.3% zinc, starting at a down-hole depth of 108 metres;
- hole 2, drilled 50 metres along strike from hole 1, intersected 4 metres of 1.03 grams gold, starting at 96 metres down-hole; and
- hole 3, collared a further 50 metres along strike, hit 4.35 metres of 14.18 grams gold and 0.46 gram silver, starting 103 metres down-hole.
Results from the remaining three holes are pending.
The mineralization seems to be structurally contained in north-southerly trending fault/shear zones. One of these, the Bai Dat zone, is characterized by gold, silver and base metal mineralization hosted by quartz veins and breccias in greenschist metamorphic rocks.
The westerly dipping quartz vein system appears to have folded near the surface into a northerly plunging anticline. Veins are typically 1 to 4 metres thick, with breccias and quartz-carbonate veinlets locally extending into the wall rocks. Open-pit and underground artisanal miners have worked the vein over a 300-metre strike length along the anticline’s axis. About 100,000 oz. gold has been produced from the area by these small-scale mining operations.
The Bai Dat zone remains open to the north, south and downdip along the western limb of the anticline.
The Bai Dat ground represents the southernmost of several groups of workings that extend intermittently for 4 km along the north-southerly striking Dak Sa fault zone. Geologic mapping has delineated 10 polymetallic prospects in the 100-sq.-km licence area.
Olympus is project operator and holds a 42.5% interest. Ivanhoe Mines (ivn-t), formerly known as Indochina Goldfields, holds 50%, while privately owned Iddison Holdings has the remainder.
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