Clifton Star Resources (CVE:CFO) unveiled Thursday results from another 20 drill holes at its Duparquet project in Quebec, forming part of the 2012 drill program that has hit what the company called "significant mineralization" in the North, South and Syenite zones on two deposits.
The results on the Beattie and Donchester properties show good continuity, the Quebec-based miner said, and extend at depth.
currently has two drills working on the project, with the latest
highlights including 97.9 metres at 2.2 grams per tonne (g/t) gold less
than 300 metres from surface in hole D12-04 in the North Zone, and
mineralization continuing at depth, the miner said.
also said it returned 11.9 metres at 3.81 g/t gold in hole BD10-129ext
at a vertical depth of 435 metres below surface, also in the North Zone,
this time on the Beattie property.
Meanwhile, in the South
Zone, the company hit 110.5 metres of 0.67 g/t gold in hole D12-01,
showing the potential thickness of the target near surface, and 27
metres of 1.78 g/t gold in hole D12-09 in the Syenite Zone.
latter intersection is located 80 metres outside of the east wall of the
current Donchester pit, at a vertical depth of 220 metres, highlighting
the possibility of increasing the size of the current planned pits,
The company noted that none of the 2012 drilling
results for the project were used in the recent NI 43-101 resource
estimate from May, the first integrated resource report on the project.
resource, which included the Beattie, Donchester, Dumico and Central
Duparquet properties, as well as the Beattie tailings, reported 1,284
ounces of gold in the measured category, 1.71 million ounces of gold in
the indicated category and 1.67 million ounces of gold in the inferred
In the first half of this year, the gold explorer has
drilled an additional 41 holes totalling 16,635 metres on the project to
upgrade and extend the footprint of the deposit.
The company said the drilling from 2012 will be included in an updated mineral resource estimate - due out later this year.
has started a preliminary economic assessment (PEA) on Duparquet and
expects to have the report conclusions by the end of 2012.
Duparquet project covers 7.7 kilometres of strike along the prolific
Destor-Porcupine break, located in the Abitibi region of Quebec.
project area includes the Beattie and Donchester gold mines that
historically produced a total of 1.47 million ounces of gold by
underground mining from 1933 to 1955.
The mineralization on
the property is associated "with a 400 metre wide syenite intrusion in
contact with sediments to the south and volcanic rocks to the north,"
the company said.
In March, Clifton released the results from
the first seven holes at Duparquet in 2012, totalling 4,905 metres.
These results included 18 metres of 3.16 g/t gold in hole BD10-160 ext,
and 7 metres of 2.37 g/t gold in hole BD10-172 ext.
robust drill results, the company has also released several
metallurgical test results that indicate gold recoveries of 93 per cent.
has a come a long way recently and is one to watch, mining research
analyst Peter Campbell of Jennings Capital told Proactiveinvesotrs in
The Duparquet project is a multi-million ounce, open pit
deposit with scores of potential, making it a possible target for big
gold producers looking to de-risk their assets.
eight months of hiatus, Clifton started fresh in March, as the company
resumed trading with president and CEO Bouchard, at the helm, who took
over from former chief executive Harry Miller in November.
mid-March to the end of June, Clifton drilled 34 holes totalling 11,730
metres, 20 of which were released today. Of the 34, 28 were new holes
collared from surface, and six were hole extensions.
drilling continues to focus on the North Zone, with the aim of outlining
a mineral resource amenable to both open pit and bulk underground
mining, with results so far "very encouraging", the company said.
The mineralized envelope of the North Zone can be up to 80 metres wide, and has been traced along strike for 2.6 kilometres.
of the zones are open along strike and at depth, with the deepest
intersection at approximately 650 metres below surface, Clifton said.