Results from three drill holes at Underworld Resources‘ (UW-V) White Gold Property in the Yukon couldn’t bolster the company shares as global markets were hit by another day of sell-offs.
The best hole, WD-021, came from the Golden Saddle zone and returned the thickest intercept to-date of 3.1 grams gold per tonne over 50.7 meters from a depth of 96 metres.
The hole is the northernmost intercept at the property and was drilled as an 80 meter step-out northeast of a previous hole which returned 3.4 grams gold over 14.2 meters.
A second hole, WD-20, was collared in gold mineralization at surface and returned 1.87 grams over 27.7 meters. That hole sits 100 meters east of a previous hole that returned 4.2 grams gold over 16 metres.
At the second zone being drilled, the Arc zone, hole WD-17 returned 1.47 grams gold over 29 meters from 100 meters below surface.
The hole is the second at the zone to hit mineralization with the previous hole returning 1.18 grams gold over 28.5 metres from surface.
Underworld describes Golden Saddles and Arc as two separate, shallow-dipping, near surface gold mineralized zones over significant strike lengths that may be open-pittable. Both zones are open in multiple directions.
The two zones lie within the Tintina gold belt and the property sits within 30-km of a road. It is also accessible by commercial river barge from Dawson along the Yukon River.
Vancouver-based Underworld has already finished its first phase of drilling at White Gold for a total of 3,431 meters in 27 holes and phase two got underway in August. Thus far 2,188 metres have been drilled with assays from six other holes are pending.
On a tough day on the markets, Underworld’s shares fell 8% or 5 to 55 on roughly 42,000 shares traded. The company has just over 11 million shares outstanding and its share price has moved between $1.30 and 44 over the last 52-weeks.
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