Dragon Mining identifies high grade gold along with cobalt, rare earths at Kuusamo Project

Dragon Mining (ASX: DRA) has received final results from drilling at the Kuusamo Gold Project in Finland, and confirmed a previous intercept of 17.6 metres at 34.01 grams per tonne (g/t) gold.

The Phase 6 drilling program at the Juomasuo deposit in Kuusamo has been completed, with nine holes drilled for a total of 3,475 metres.

This program has identified potential for further strike extensions of lodes to the southeast and northwest at Juomasuo, as well as highlighting potential depth extensions in the northwest.

In addition to gold, multi-element analysis of the results identified a number of strong cobalt intercepts and elevated levels of rare earth oxides (TREO), along with sporadic elevated levels of copper and uranium.

Significant intersections from the Phase 6 drilling program include:

- 17.6 metres at 34.01g/t gold, 867 parts per million (ppm) cobalt, 126ppm copper, 155ppm uranium and 170ppm TREO from 186 metres, including 1.1 metres at 497g/t gold;
- 10.2 metres at 5.29g/t gold, 969ppm cobalt, 150ppm copper, 211ppm uranium and 278ppm TREO from 113.5 metres; and
- 14 metres at 3.3g/t gold, 1,189ppm cobalt, 107ppm copper, 445ppm uranium and 187ppm TREO.

Juomasuo is the largest gold deposit identified to date in the Kuusamo North area, with a set of closely spaced sub-parallel lodes that remain open down plunge.

Results from Phase 7 drilling, comprising 1,582 metres over 7 holes, at Juomasuo are pending. The Phase 7 program followed up historical gold intersections and a prominent geophysical anomaly to the east of the main zone of mineralisation.

Two diamond core rigs have resumed drilling at Kuusamo to further evaluate depth and strike extensions at Juomasuo.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24250/dragon-mining-identifies-high-grade-gold-along-with-cobalt-rare-earths-at-kuusamo-project-24250.html