Seven angled holes totalling about 1,236 metres of drilling on Celtic Minerals (CME-V) wholly owned South Pond property in south central Newfoundland, have returned lacklustre results.
The holes tested the South Pond copper deposit and separate South Pond gold prospect at depth. The drilling also aimed to test three new targets defined by coincident geochemical and geophysical anomalies.
Four of the holes failed to cut any significant mineralization.
Hole SP-01-04 returned 1.24 metres (from 48.4 metres below surface) averaging 3.87 grams gold per tonne and 1.23 metres (from 87.4 m) of 1.18 grams gold.
Hole SP-01-05 cut 1.06 metres (from 45 m) running 0.77 gram gold.
In the 1950s, the South Pond copper deposit was estimated to host 323,000 tons averaging 1.3% copper. The South Pond deposit is in a geologic setting similar to that of the Great Burnt Lake deposit and is slightly overturned, facing northwest. Mineralization thickens to 15 metres and is characterized by anastomosing layers of pyrrhotite with disseminated-to-semi-massive chalcophyrite. The deposit is situated 10 km north of the Great Burnt Lake deposit, which has an estimated inferred resource of 1 million tons averaging 2.92% copper as outlined by Asarco.
Historic results from the overturned deposit show a copper-rich stringer zone near the surface and more massive mineralization at depth, with zinc mineralization (generally less than 1%) concentrated in the down-plunge portion.
The South Pond gold prospect, about 1 km along strike to the south, is characterized by two discrete areas of shear-hosted disseminated mineralization. Two short holes drilled in 1987 yielded 5.5 metres grading 2.21 grams and 4.33 metres of 4.8 grams. Gold mineralization is hosted by sedimentary rocks, typically siliceous biotite-bearing pelites and siltstones that host pyrrhotite-chalcopyrite as stringers and fracture coatings or rarely, associated with quartz veins.
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