Shallow drilling from surface, financed by Alberta-listed Greenstrike Gold Corp. has intersected significant widths of ore grade gold mineralization on a property in Halifax Cty., N.S.
Preliminary drill-indicated reserves on this, the Fifteen Mile Stream property, now stand at 600,000 tons grading 0.24 oz gold per ton as a result.
Reasonable widths of 10-20 ft were encountered in 10 of 17 holes in the 9,915-ft program.
The property is divided into two claim blocks — one to the west held 100% by Alberta-listed Pan East Resources Inc. and one to the east which is 60%-held by Pan East and 40%-held by Montreal-listed Novamin Resources Inc. Greenstrike is funding the exploration program in exchange for shares of Pan East.
One zone, in the area of the an old shaft on the property, called the MacLean Shaft, was the most significant, according to William Young, president of Pan East. He says the next round of drilling, scheduled to start within 3 weeks, will investigate the zone at depths greater than the present 325 ft. Step out holes will also be drilled to extend the 1,300-ft strike length.
Gold occurs in quartz veins within a sequence of metamorphosed turbidites that have been folding into an anticlinal structure that plunges to the east.
Novagold Resources Inc., which has applied for a listing on the tse, holds ground to the south.
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