Drilling at the Despinassy gold property, 70 km north of Val d’Or, Que., has returned encouraging results for partners Major General Resources (MGJ-V) and Cameco Gold, a wholly-owned unit of Cameco (CCO-T).
Operator Cameco drilled seven holes totalling 1,389 metres to test induced-polarization anomalies. The best results reported were 2.2 grams gold per tonne over 2.6 metres, 4.9 grams gold over 1.2 metres and 9.9 grams gold over 0.3 metre. Previous owners had recorded assay results of 8 grams gold over 1.5 metres and 16.5 grams gold over 0.5 metre, among others.
Mineralization at Despinassy is hosted by quartz veins contained in two parallel deformation zones and associated with two felsic porphyries. The shear zones were traced over 1.8 km of strike length and remain open.
Further drilling is planned following the completion of geophysical surveys later in the year.
Cameco can earn a 60% interest in the Despinassy property by spending $600,000 on exploration and paying Major General $50,000 in cash over three years. It can earn an additional 10% by paying $25,000 in cash and spending $250,000 on exploration within one year following earn-in.
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