New drilling has started on the joint-venture property of Consolidated Thompson-Lundmark Gold Mines about 35 miles northeast of Yellowknife in the Northwest Territories.
President Richard Evarts tells The Northern Miner the 5,000-ft program will test a vein system on the southerly tip of Treasure Island.
The operator is New York-based Ardic Exploration and Development, which is Thompson-Lundmark’s 50/50 joint venture partner on the project.
Last fall, Ardic completed a 21-hole drill program of 9,043 ft on the property, which tested extensions of the formerly-producing Kim vein, and the previously- unexplored Trail vein.
Evarts says the completed program on the Kim, over a strike length of 2,800 ft and to a verified depth of 440 ft, delineated at least two potential ore shoots on the Kim which combined with known reserves remaining from prior production, results in an estimated potential mineral inventory of 190,000 tons at an average grade of 0.30 oz gold per ton.
Seven of the Kim holes intersected visible gold in narrow quartz veins, with best assays including 1.89 oz over 0.90 ft, and 2.70 oz over 1 ft. Three out of four holes which tested the Trail vein also returned visible gold over narrow widths.
The Thompson-Lundmark president says the Treasure Island complex, site of the current drill program, consists of a series of auriferous quartz lenses hosted within a zone of auriferous, silicified, sulphide-enriched metasediments, accompanied by strong evidence of shearing and hydrothermal fluid/ wall-rock interaction.
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