Mountain Lake Resources (CVE:MOA) has completed its winter drill program at its Glover Island Gold project in Western Newfoundland, the company said Friday.
Drilling was carried out on the Lunch Pond South Extension deposit area.
property hosts many gold prospects along a northeast-southwest trending
mineralized corridor, with the deposit resting at the south-western end
of an 11 kilometre strike length.
Mountain Lake’s winter
program comprised of 12 holes totalling 2,789 metres of core drilling to
find continuity of thick mineralized quartz breccias on the west grid
of the deposit area.
The company added that there are 742 core samples at the lab and results will be reported once they become available.
miner said it planned to release an NI 43-101 mineral resource estimate
for the deposit, but issues at the lab and engineering firm performing
the estimation have pushed the scheduled release to next month.
On Thursday, the junior explorer reported an updated resource estimate for its Leprechaun gold deposit located in Central
Valentine Lake property, including the Leprechaun gold deposit, is a
50/50 joint venture between Mountain Lake and Marathon Gold Corp.
(TSE:MOZ), who is operator of the project.
Mountain Lake said the
global resource estimate stands at 424,000 ounces of gold with a grade
of 2.05 grams per tonne (g/t) in both the measured and indicated
In the inferred category, the updated resource estimate pegs it at 305,000 ounces of gold with a grade of 1.65 g/t.
had been based on samples composited to two metres, while grade capping
thresholds were determined after a detailed statistical analysis of
data within seven geological domains.
Mountain Lake Resources,
whose current projects asides from Valentine Lake, include a 100
percent stake in the Glover Island gold exploration property, and an
option to earn a 100 percent stake in the Little River gold-antimony