Goldnev, Bonaventure to drill Goldfield West Goldnev, Bonaventure to drill Goldfield West May 19
2004-05-17 13:57 ET - News Release
Mr. Basil Pantages reports
Goldnev Resources has been informed by Bonaventure Enterprises that the first phase of actual exploration drilling for the Goldfield West property (drilling contractor being Harris Drilling) will commence on May 19, 2004.
Bonaventure advised that its geologists have integrated the drilling and geophysical interpretation to determine if the interpreted IP sources are related to mineralization or if the structural directions are more important.
Bonaventure's vice-president of geology commented that: "Bonaventure has completed a survey of the target zones, correlated the IP data, the recently completed magnetic survey, and the existing drill holes' mineralization and is now prepared to follow our phased drilling program. We will be drilling holes on both targets over the next few weeks and have assayed results in the very near future."
"At the southern target, GFW12 is the hole of interest which, along with the long intercept of low-grade, showed a 10-foot intercept of 5.6 parts per million in the conglomerate area. Of particular note is that the gold appears to be increasing in concentration as it approaches the structure. The IP-resistivity survey appears to correlate with the mineralization we found in GFW12 and other nearby drill holes," added Mr. Kern.
"At the Nevada Eagle target, the IP-resistivity survey has defined the postulated structures which we have correlated with the known mineralization of the existing drill holes. Already, we have confirmed a high-grade intercept of gold in NE-6 near the Nevada Eagle mine on the Goldfield West property," explained Mr. Kern. "This is a relatively shallow, vertical hole which has a 10-foot intercept at a depth of 60 feet which averaged 0.689 ounce per ton of gold. Assayed cuttings samples from this hole, assayed in 20-foot intervals, showed 40 feet of 0.164 ounce per ton gold starting at a depth of 50 feet. In the company's current drilling program, it will be focusing on high-grade intercepts and will assay in five-foot intervals."
Drilling by Metallic Ventures on the Gemfield property, just to the north of the Goldfield West claim block, indicates that the high-grade intercepts are close to basement rock.
"The phase I drilling program calls for a total of 20 holes -- 10 holes at the Nevada Eagle and the South target at Goldfield West. In addition to the angle holes around the confirmed high-grade holes at each of our targets, we want to drill holes at both the Nevada Eagle and the South targets at Goldfield West that will be deep, either 1,500 feet or to the basement rock," adds Mr. Kern. "We want to explore the stratigraphy of both our target zones and determine if there is host rock at depth that may also yield high-grade gold intercepts, similar to the Gemfield model."
"Goldfield West is a property of merit and warrants the recommended phase II exploratory program," said independent geologist, Nick Carter, PhD, PEng. "Reverse circulation drilling by previous operators within the area of the current Goldfield West property identified broad areas containing gold values of potential. It may be significant that these are of similar tenor to the gold contents of altered volcanic rocks marginal to the high-grade gold deposits in the main Goldfield district several kilometres east."