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Yukon-Nevada Gold powers ahead after drilling confirms presence of high grade, shallow gold at Bluff
Shares in Yukon-Nevada Gold (TSX:YNG) rose nearly 12% this morning, adding to a superb run in recent weeks, after the company reported high grade gold intersects from ongoing drilling at the Ketza River property (“Ketza”) in Yukon, Canada.
Yukon-Nevada is already producing gold from its Jerritt Canyon Mine and is looking to add to its production profile with other advanced assets, including Ketza.
This morning Yukon-Nevada Gold reported a number of encouraging assays, including 2.42 meters averaging 20.8 grams per tonne gold from 17 meters in drill hole KR-10-1471, 3.24 meters averaging 12.2 grams per tonne gold from just 4.45 meters in drill hole KR-10-1473 and 2.15 meters averaging 9.9 grams per tonne gold from 19.95 meters in KR-10-1474.
All three holes were drilled into the Bluff Zone which is located west of the Peel Zone and east of the Lab-Calcite Zone – both of which the company is planning to develop open pits. Cleary the potential to add additional ounces at shallow depths close to two proposed pits is a very attractive proposition for Yukon-Nevada Gold.
The recent drilling will also undoubtedly bolster the size of the resource at Ketza, where the company has already defined open pit (applying 1 gram per tonne cut-off) measured and indicated resource of 3.7 million tonnes averaging 4.9 grams per tonne gold (approximately 585,000 ounces of gold) with a further small resources in the inferred category. The resource at Ketza was last updated in December 2007.
“These recent encouraging drill intercepts in the Bluff Zone will be used by mine engineers to help determine if an additional open pit is warranted in the area,” Yukon-Nevada Gold noted.
Recently the company raised US$25 million through a Senior Secured Note financing.
The Ketza River Property includes the Ketza River mine which produced circa 100,000 troy oz of gold from 340,000 tons of ore between 1987 and 1990.
