- Gelum Resources (GMR) has received assay results for three diamond drill holes completed in late 2022 at the Eldorado Gold Project in B.C.
- These holes are the start of a planned 11-hole, 3000-metre, helicopter-supported, diamond-drill program to be completed this year
- The drill program intersected gold in three holes, indicating one of the larger mineralized panels extends for more than two kilometres along strike
- Gelum Resources is an exploration company focused on acquiring and exploring mineral properties
- Gelum Resources Ltd. (GMR) opened trading at C$0.19
Gelum Resources (GMR) has received assay results for three diamond drill holes completed in late 2022 at the Eldorado Gold Project in B.C.
These holes are the start of a planned 11-hole, 3000-metre, helicopter-supported, diamond-drill program that will be completed this year. Drilling intersected gold in all holes, associated with intense alteration (silica and iron-carbonate), and favourable hydrothermal vein textures (quartz-cemented breccias, crack and seal veins, open space filling) and sulphides including fine-grained pyrite and arsenopyrite.
Gelum Resources Director Henk van Alphen commented on the news.
“The partially completed drill program intersected gold in all three holes and indicates one of the larger mineralized panels probably extends for more than two kilometres along strike. Follow-up drilling will build on these intercepts by testing deeper parts of the system where sulphide and gold content are expected to increase. Positive results will indicate there’s a very significant high-grade deposit to drill off.”
Summary of results
All sampled intervals are tabulated below in Table 1; missing intervals had no visible alteration or mineralization and were not sampled.
Table 1. Sampled Intervals with Gold Assays
In September 2022, Gelum engaged Quesnel Bros. Diamond Drilling to drill approximately 3000 metres from eleven drill pads targeting gold-arsenic-antimony geochemical anomalies.
Gelum contracted Hardline Exploration Corp. of Smithers, B.C., for all drill monitoring, core logging and sampling.
The company has received unsecured loans totalling C$100,000. The loans have a one-year term, bearing interest at 8 per cent, and will mature on March 3, 2024. The company has agreed to issue 55,556 common shares and 277,778 bonus warrants to the lenders.
About Gelum Resources Ltd.
Gelum Resources is an exploration company focused on acquiring and exploring mineral properties. Its Eldorado Gold Property is located within the Bralorne-Bridge River Gold District in British Columbia.
Gelum Resources Ltd. (GMR) opened trading at C$0.19.