News Release Highlights News Release Highlights Sep 28th
***I have grabbed some of the highlights from the News Release. This appears to be more of an update to Share Holders for what is going on.There is nothing major to report or cover truly. However I have compiled some of the highlights from the report as well as my own interpretation of the results.
-Strike length has been now been increased to 4km long at the Bonaza Fault line from 2km *Great News.
-Currently testing Nugget to confirm that it could also be 4km long.
-Assay results from Lonestar Phase 1 final range from 0.9 to 2.1 g/t. There are now only 2 more assays pending from Phase 1 which are stepouts at the end of the find.
Lone Star update
-Somewhat cautious
-Originally Klondike believed that for 800m the mineralization zone was continuous. New results show that the mineralization zones are now separated into 4 different zones rather than 1 constant zone. There is 20 to 40 meter spacing between zones. (Somewhat disappointing).
**However Investors are cautioned that interpretation is evolving as assay results are received and correlated, and is subject to change.
-2 new assay holes (rather disappointing) LS17-101, a 30 meter undercut of LS17-106, intersected 0.5 g/t Au over 17.5 meters. These intercepts are approximately the true thickness. This subzone is interpreted to be the most southerly. **However these are at the end of the find. Not the main zone of mineralization. *We really don’t want to see anything less than .7g/t
*****BEST News from the day
The weighted average grade of samples from all three drill holes is 1.4 g/t Au. Gold mineralization outcrops at surface over 50 meters on section, has a drilled down-dip extent of 90 meters, a 60 meter vertical depth extent, and remains open. The implied dip is 40 degrees which is parallel to the Bonanza Fault. (Lots of Gold potential on this fault line)
Interpretation:
News is rather a mixed bag. We don’t really have all that much for new information. This seems to be more of an update on the process. Only 4 holes were assayed in this report 2 from Phase 1 and 2 step out holes from phase 2 reported in this news release. The step out holes reported 0.5g/t and 0.9g/t. Not bad, but not great. It is a little worrisome that the mineralization zone is now not considered to be constant rather 4 separate strands, although this is pending further testing. Also the extent of the find is now 4km so I am not sure if in the end that it will make a huge difference. Next results out are Phase 2 results which will tell us if we have found something or not. We are still in a Hold position for this stock. No results in this release to really change anything from a Hold to a Sell or a Buy as there were no major assays released.
Results from Phase 2 drilling LS17-100 to LS17-117 are expected shortly. Hopefully this means in the next 2-3 weeks. This is where we should see movement good or bad in this stock! Hold on to your hats boys, this is where it will start to get interesting.