interesting news releases!San Gold drills 2.1 m of 1,787 g/t Au at 007 zone
2009-11-23 09:33 ET - News Release
Mr. Dale Ginn reports
SAN GOLD DRILLS 1787 G/TONNE GOLD OVER 2.1 METERS AT NEW "007" DISCOVERY
San Gold Corp. has discovered a new high-grade gold occurrence by surface diamond drilling, christened the 007 zone, which is located approximately 600 metres to the southeast of the Hinge mine. Drill hole CD-09-007 encountered 1,787.7 grams per tonne gold (52.2 ounces per ton) over 2.1 metres (6.9 feet) at 200 metres (660 feet) below surface in a continuous quartz-carbonate vein containing abundant visible gold throughout. Results from this hole are summarized below, but due to the extremely high-grade nature of this intersection an accompanying table is also provided in order to present each individual assay interval within the geologically defined mineralized boundaries. The first hole drilled in this area, CD-09-001, is also provided below and is located above and to the east of hole CD-09-007.
Hole No. From To Length Gold (ounces Zone
(metres) (feet) (g/t) per tonne)
CD-09-007 290.3 m 292.4 m 2.1 m (6.9 ft) 1787.7 (52.20) 007
CD-09-001 294.0 m 295.6 m 1.6 m (5.3 ft) 2.4 (0.07) 007
DISTRIBUTION OF GRADE WITHIN CD-09-007
From To Length Gold Assay Rock type
(g/t) (ounce per ton)
290.30 m 290.84 m 0.54 m 0.3 (0.01) Quartz vein, Py
290.84 m 291.36 m 0.52 m 1691.4 (49.39) Quartz vein, Py, VG
291.36 m 291.79 m 0.43 m 6465.4 (188.79) Quartz vein, Py, VG
291.79 m 292.40 m 0.61 m 200.7 (5.86) Quartz vein, Py, VG
Dale Ginn, chief executive officer of San Gold, stated: "Our exploration team, led by Bill Ferreira, has made its fourth near-surface, high-grade discovery in close proximity to our mill in the past 18 months, and its third discovery this year. Hole No. 007 is the highest-grade intersection that I can recall in the Rice Lake belt, rivaling the best holes ever drilled in the neighboring Red Lake camp and certainly eclipses anything we have drilled to date in the Hinge zone. This discovery is again testimony to the solid and unique geological thinking that our exploration team has undertaken, as well as a credit to the time-tested success that drilling near past and producing mines brings."
Assays are pending from intersections of the same zone in four holes: CD-09-002, 003, 004 and 005. Hole No. 006 has not yet been logged while hole No. 008 was shut down early due to hole deviation from the intended target. This zone remains open along strike to the northeast and to the southwest, as well as at depth and to surface. The 007 zone dips steeply to the north-northwest and is made up of quartz and carbonate veins containing gold and pyrite mineralization. The dominant deposit control appears to be structural, as with the previous three deposits (Hinge, Cohiba and L13); however, the lithology is slightly different in that this deposit occurs at or near an intermediate-mafic contact. Strong chloritic alteration of the mafic unit is observed at the footwall contact immediately below the mineralized veining. The strike length of this contact is currently unknown. A second diamond drill has been moved from the Cohiba area in order to assist in grid drilling this zone. The 007 zone is located approximately two kilometres to the northeast of San Gold's operating Rice Lake mine and mill, is fully accessible by road and is potentially accessible from the Hinge mine decline.
Please see the company's website for photos of this high-grade intersection, location maps, and cross and longitudinal sections.
This program was carried out under the supervision of Mr. Ferreira, PGeo, the qualified person for this project under National Instrument 43-101. The drill core was split, with half sent to TSL Laboratories in Saskatoon, Sask., and fire-assayed with an AA and gravimetric finish. Whole metallic assays were performed on samples containing visible gold. Check assays were also performed on pulps and rejects by both TSL and by Accurassay Laboratories of Thunder Bay, Ont. The core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones.
Remember this CAA news from thiis summer?
Callinan Mines options Island Lake area claims
2009-09-03 14:24 ET - News Release
Mr. Mike Muzylowski reports
CALLINAN OPTIONS ISLAND LAKE CLAIMS AND PLANS EXPLORATION PROGRAM
Callinan Mines Ltd. has recently entered into an option agreement to earn an interest in 32 mineral claims comprising 5,303 hectares in the Island Lake area of east-central Manitoba. The Island Lake property hosts several known gold occurrences, including historical drill holes with values of up to 28.3 grams per tonne of gold. Other historical work includes a 70-ton bulk sample mined by Island Lake Gold Mines in 1934 from two pits on the property, from which 47.25 ounces of gold was recovered. The property is located on the same system of shears, faults and splays as the previously producing Island Lake gold mine operated by Island Lake Gold Mines Limited, according to assessment work filed with the Manitoba government.
"Great gold mines are often found near or under old gold mines," said Callinan president Mike Muzylowski. "Our Island Lake property has a significant mineralized system that has produced gold with good grades. The work done by previous operators, including diamond drilling, trenching and bulk samples, consistently produced gold grades of multiple grams per ton and associated silver values. This gives us a good indication that, with modern geophysical and drilling techniques, we may be able to uncover value in this shear zone."
Induced polarization work done by previous operators has located anomalies as large as 100 by 50 metres, and 140 by 15 metres with coincident gold values. These anomalies remain untested.
All assay values and grades referenced at the Island Lake property have been sourced from records of work of previous operators filed with the Manitoba government. As the work was conducted prior to the implementation of National Instrument 43-101, and Callinan has not been able to verify the methods used and the quality assurance and controls, if any, these early results are disclosed for information purposes only, may not be relevant and should not be relied upon.
Callinan plans to drill test targets in the Island Lake area as part of a winter 2009 to 2010 drilling program and has budgeted $500,000 for the drilling program. Callinan currently has $11.8-million in cash, and continues to receive income from its net profits and royalty interests in the 777 mine in Flin Flon, Man.
The Island Lake property has been optioned under an option agreement with W.S. Ferreira Ltd. and William Ferreira. The agreement gives Callinan the right to earn an 80-per-cent interest in and to the Island Lake claims for initial consideration of $20,000 and the issuance of 50,000 common shares in its capital to W.S .Ferreira, upon regulatory approval. Callinan will continue to make payments of cash and shares on the anniversary of regulatory approval of the agreement in each of the next three years if the company wishes to continue to earn its interest. Should Callinan elect to exercise the option and acquire the 80-per-cent interest, the company will have issued a further 350,000 common shares and made further cash payments of $380,000 and expended $1.9-million on the exploration of the property over the three-year time period. Upon exercise of the option, the claims will be subject to a 2-per-cent net smelter return royalty to W.S. Ferreira, with 50 per cent of this royalty purchasable by Callinan for a total payment of $1-million. The option agreement is subject to regulatory approval.
Callinan's exploration programs are being conducted under the supervision of P.J. DeVeaux, a qualified person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news announcement.
Go figure, looks like Mr.Ferreira is doing a hellofajob for San Gold, i'm sure he'll be helping CAA.
Good luck, bt.