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Wednesday, 10 October 2012
TNR Gold says it confirms "down dip" mineralization at Shotgun project in Alaska
TNR Gold Corp. (CVE:TNR) announced Wednesday results from the third and final hole of its drilling program this year at the Shotgun gold project in Alaska, with the gold miner confirming down dip mineralization.
The junior gold company said drill hole SR12-58, which was designed to test the down dip extent of mineralized zones found in prior holes, returned 83 metres averaging 0.82 grams per tonne (g/t) gold across the full length of the southwest zone within the Shotgun Ridge system.
These results included a higher grade intercept of 2.03 g/t gold over 18.35 metres at "the top intrusive contact", the company said, and an average grade of 1.14 g/t gold over 46.55 metres within the southwest mineralized zone.
"The mineralization style observed at Shotgun Ridge bears a strong resemblance to the 40 million ounce deposit at the Donlin Gold project operated by Barrick and NovaGold," said the company's recently appointed director Greg Johnson, who was previously president and CEO of South American Silver, and held a key senior role in the discovery and advancement of the Donlin deposit.
"The similar age and host intrusive rocks suggest that, with continued exploration, there is significant potential to locate larger volumes of mineralization in and around Shotgun Ridge."
Of particular significance, said the company, is the "consistent thickness and grade" of the southwest zone found in all three of the drill holes this year. Each of these holes had a core-mineralized interval between 46 and 57 metres in length, with average grades over one g/t gold.
The northeast zone was not tested as the third hole ended in gold mineralization at a depth of 221 metres, TNR Gold said, adding that elevated gold grades at the end of hole suggest proximity to the northeast zone, which is also open at depth.
"We are continuing to analyse data acquired in 2012, which in conjunction with historic data is contributing to refining an exploration strategy designed to maximize the chances for success in defining bulk-mineable gold deposits within the Shotgun project area," said TNR's VP of exploration, John Harrop.
TNR said there is a correlation between resistivity and chargeability modelled data, which suggests that in addition to the mineralized zones found continuing to greater depth, they are also repeated in a "faulting controlled" pattern to the northwest and southeast of mineralization current defined at Shotgun Ridge.
According to the company, the deposit remains open to expansion at depth, with the grades at the bottom of the third and latest hole making the extension of the northeast zone at depth a high priority target for future exploration.
"Geochemical and geophysical surveys were highly effective during exploration phases at Donlin Gold and will be expanded at Shotgun in conjunction with additional structural mapping," TNR said in a statement.
"Our first priority is to expand on the mineralization encountered at Shotgun Ridge targeting a multi-million ounce bulk mineable gold deposit," said president and CEO, Gary Schellenberg.
"Newly defined geophysical and geochemical targets suggest the potential of identifying additional Donlin Gold style targets."
TNR holds a 100 per cent interest in the Shotgun property, located 175 kilometres south of the Donlin Gold deposit within the Kuskokwim Gold Belt in southwestern Alaska. Donlin is known as one of the largest undeveloped gold deposits in the world.