Drills in the centre of Newfoundland have pulled up strong gold grades for Crosshair Exploration & Mining (CXX-V, CXZ-X) and Paragon Minerals (PGR-V).
The latest results are from phase three of a diamond drilling program at the Golden Promise project and highlights include:
- 43.83 grams gold over 1.45 metre, including 141.21 grams gold over 0.45 metres in GP07-91
- 10.41 grams gold over 4.7 metres, including 64.49 grams gold over 0.5 metres in GP07-92
- 20.89 grams gold over 1.9 metres, including 44.74 grams gold over 0.65 metres in GP07-93
- 6.87 grams gold over 1.7 metres, including 18.59 grams gold over 0.45 metres in GP07-98
While phase three totaled 23 holes for 3,926 metres in 23 holes — 19 of which were on the Jaclyn Main zone the latest results came from just the last eight holes drilled.
Those eight holes tested the central and eastern portions of the Jaclyn Main zone.
All of them intersected visible gold and successfully extended the zone by an additional 50 metres.
Overall, Crosshair says, visible gold was present in 18 of the 23 holes.
The Jaclyn Main zone is a system of gold-bearing, stylolitic quartz veins with a strike length of 800 metres. It is open along strike.
The system has been tested to a vertical depth of 275 metres, where it also remains open.
Crosshair is the operator of the drill program and can earn a 60% interest in the project by spending $4 million over four years.
It plans to have a resource estimate finished on the property some time in February.
Known more for its uranium position on the central mineral belt of Labrador, Crosshair says it plans to spin out the Golden Promise project — along with its Victoria Lakes properties — into a new public company in 2008.
In Toronto on Jan. 17 Crosshair shares fell 2.5% or 5 to $1.90 on 233,000 shares traded while Paragon fell a penny to 67 on roughly 340,000 shares traded.
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