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Monday, 3 December 2012
Clifton Star Resources announces more "encouraging" Duparquet drill results
Clifton Star Resources (CVE:CFO) announced Monday results from another 14 holes as part of the drilling campaign this year at its Duparquet project in Quebec, which continue to be "very encouraging."
The company said it continues to get "significant" assay results from both delineation holes within the limits of the current pit shell, and exploration holes outside of the pit shell.
Within the pit limits, the results show good grades and continuity, Clifton said, while the exploration holes show the potential to increase the limits of the current pit shell.
All of the holes reported Monday were completed after the closing date for the upcoming preliminary economic assessment, and will therefore not be included in the new resource estimate, the junior explorer said.
Notable results from the latest holes were 36.0 metres grading 2.08 grams per tonne (g/t) gold in hole BD12-18, including 18.9 metres at 3.51 g/t gold, and 28.5 metres at 1.30 g/t gold in hole BD12-20 - also drilled on the western edge of the Donchester pit.
Hole D12-30 intersected the North zone approximately 60 metres outside the current limit of the pit shell, where it returned an assay of 1.52 g/t gold over 26.4 metres.
Meanwhile, hole D12-33, drilled toward the south, intersected high-grade gold mineralization within the central part of the syenite body, Clifton Star said, which assayed 11.53 g/t gold over 3.0 metres.
Hole D12-34, drilled in the east-central part of the Donchester pit shell, hit 36.6 metres at 2.59 g/t gold, including 14.1 metres at 4.77 g/t gold.
The company is working toward expanding the resources at the project at a steady pace, with two drill rigs on site. So far this year, it has drilled 84 holes for a total of over 30,000 metres, and has drilled 16 holes since late October.
Clifton Star's first integrated NI 43-101 report on the Duparquet property earlier this year outlined 3 general pit shells, which included the Beattie, Donchester and Central Duparquet properties.
The report noted 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 category.
Its recent exploration drilling program focused on the area between the Beattie and Donchester pits shells, as well as definition drilling within the central part of the Donchester pit shell.
The junior miner is now focused on putting out its preliminary economic report - which it hopes will secure a re-rating of its stock.
A new resource estimate - which will include 2012 drilling up to September - along with the PEA are expected to wrap up early in the new year.
The drills on the project are now focused on converting inferred resources to indicated resources within the limits of the pit shell, the company said. Clifton is also continuing an extensive resampling program and review of historical holes on the Dumico property, located around 1 km to the east of the Central Duparquet pit shell.
Earlier this month, the Quebec-based company closed a private placement financing with Industrial Alliance Securities, raising $3.45 million. It plans to use the new funds for exploration expenses at its Duparquet project.