Encouraging drilling results have been reported by Spirit Lake Explorations (ME) from a winter program carried out at the company’s Edwards prospect in Jacobson Twp., located 20 miles northeast of Wawa, in northern Ontario.
The program involved 18,456 ft of drilling, basal till and geophysical surveys, stripping and sampling, reports the company, which is negotiating a new private placement with European investors worth $1 million-$1.8 million. The latest funding would go towards a new exploration program to be completed this summer.
About 33 holes were drilled in the vicinity of the shaft to explore two vein systems which strike in a northeasterly and northwesterly direction, the company says. These vein systems were traced over lengths of 1,300 ft and 500 ft, respectively, encountering gold assays over widths of up to 28 ft.
Assay results from the drill holes cover a wide range of values, running from a low of 0.02 oz gold per ton over 4.3 ft to as high as 5.66 oz over 1.1 ft.
Two holes drilled on a claim north of the shaft area intersected 0.1 oz over 3 ft and 1.13 oz over 3 ft, respectively, the company says.
Follow-up drilling is planned by Spirit Lake, with the shaft area to be evaluated first.
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