Hits Wide Zone Of Gold Including 24m @ 3.87 g/t Au
Goldsource Mines Inc. (TSXV:GXS) has received promising infill and expansion drill results for the company’s 100%-owned Eagle Mountain Gold Project in Guyana, South America.
Newly reported results are for 55 core holes totalling 7,886m from the Friendly, Bacchus, Bottle Bank, No. 1 Hill and Baboon areas of the Eagle Mountain deposit, which is defined by a series of sub-horizontal mineralised zones that are laterally extensive and start at surface.
The company’s focus through the first nine months of 2021 was to complete infill and expansion drilling of the Eagle Mountain deposit in preparation for an updated Mineral Resource Estimate (MRE).
This drilling was designed to upgrade a significant portion of current near-surface Inferred Mineral Resources to the Indicated category through infill drilling and to test for lateral and depth extensions through expansion drilling. The results reported in this release constitute most of the remaining infill and expansion holes planned for the 2021 programme.
Since November 6, 2020, the cut-off date for the February 2021 MRE, the company has completed 17,449m of infill and expansion drilling in 155 core holes (average depth of 113m) at the Eagle Mountain deposit and remains on track for an updated MRE later in 2021.
CEO, Steve Parsons, said that 2ith the infill and expansion drilling of the Eagle Mountain deposit substantially complete, the company has re-initiated exploration activities, drill testing known geophysical targets and following up on prospects along the north-south Salbora-Powis structural trend.
Highlights (Eagle Mountain deposit):
- Friendly-Bacchus and Bottle Bank Areas:
- Results for 36 core holes totaling 5,379m
- Expansion drilling in the gap between the Friendly and Bacchus areas, a distance of approximately 225 metres, has intersected mineralization in several structures that are outside of the February 2021 MRE outline. Expansion hole EME21-129 intersected 27.0 metres (estimated true width (ETW) of 24.0m) grading 3.87 grams per tonne (“/t) gold starting 51m down the hole.
- Infill drilling in the central area of Bottle Bank within the Inferred Mineral Resource outline has confirmed elevated gold grade-thicknesses at surface and at depth.
- EME21-115 intersected 9.0 metres (ETW of 7.7 metres) grading 1.66 gpt gold,
- EME21-116 intersected 4.5 metres (ETW of 4.4 metres) grading 4.22 gpt gold, and
- EME21-127 intersected 8.5 metres (ETW of 7.4 metres) grading 1.10 gpt gold.
- All intervals are in saprolite and at or near surface.
No.1 Hill and Baboon Areas
- Results for 19 core holes totaling 2,507 metres (Table 2).
- Expansion drilling targeted lateral and depth extensions of the mineralised zones in the No.1 Hill and Baboon areas.
- Expansion hole EMD21-154 in No.1 Hill area intersected a high-grade interval of 1.5 metres (ETW of 1.4 metres) grading 32.72 gpt gold starting 43.5 metres down the hole, approximately 35.0 metres below surface mineralization reflected in the February 2021 MRE.
Consistent with previous drilling in Baboon, mineralisation is hosted in more discrete horizons (Zones 1 to 7) that are generally thinner than the main mineralized zones in the Ounce Hill, Bottle Bank, Zion and Kilroy areas of Eagle Mountain.
\Positive, however, expansion drilling has confirmed that the mineralized zones of Baboon extend approximately 250 metres southeast of the 2021 MRE outline, with several thicker intervals at depth, highlighted by EMM-044A, which intersected 18.0 metres (ETW of 15.6 metres) grading 1.46 gpt starting 69.5 metres down the hole in Zone 4.
“Our exploration activities through much of 2021 have focused on confirming and extending the shallow mineralised horizons of the Eagle Mountain deposit, initially focusing on the thicker zones of mineralisation in the core areas, such as Ounce Hill, Bottle Bank, Zion, and Kilroy, and more recently moving to the flanks of the deposit to test for lateral extensions to the north, southwest and at depth in the Bacchus and Baboon/No.1 Hill areas, respectively,” Mr Parsons said.
“In all, with drilling through October, including some follow-up at the Salbora deposit, we expect to be well positioned to deliver on another key objective, that is, to upgrade a significant portion of Inferred Resources to the Indicated category.
“This updated Indicated resource will then be used as the basis for a prefeasibility study (PFS) focusing on establishing a shallow, low strip open-pittable mineral reserve. Confirming the economic potential of Eagle Mountain by way of a PFS is a critical step for the company.
“Drilling will continue, however, as the property is still relatively underexplored, both along the Salbora-Powis trend and on the eastern side of the Prospecting License. The Salbora-Powis trend is currently the subject of a 5,000-metre program, which kicked off in September and will continue into early December. We look forward to sharing these results as assays become available.”
For further information please visit: http://www.goldsourcemines.com/