Encouraging assay results have been received by Canada focused Atlantic Gold (ASX: ATV) from Phase 2 drilling at Cochrane Hill Gold Project in Novia Scotia, Canada.
Sixteen diamond core holes were drilled in May and assay results for half of the drill holes have now been received, including:
- 24 m @ 8.0 g/t from 117 m depth,
- 27 m @ 3.1 g/t from 63 m and
- 38 m @ 1.68 g/t from 44 m.
The Cochrane Hill Gold Project is located only 80 km east of the Company’s Touquoy Gold Project.
Atlantic's stategy in Nova Scotia is interesting in that it believes that the goldfields have not been systematically explored. Given the Atlantic already has over 1 million ounces of gold resources under its control in the Touquoy district provides evidence to support its strategy.
The objective is to to develop open pit gold deposits in Nova Scotia, the Touquoy Gold Project being the starting point.
Directors of Atlantic were the principals behind Plutonic Resources Limited, which discovered more than 11 Moz of gold and operated up to five gold mines.
Atlantic Gold holds a nominal 60% interest in the Touquoy Gold Project. An additional 15% interest can be acquired in the property outside the general area of the known resource by securing project financing.
Apart from developing the Touquoy Gold Project, Atlantic is undertaking exploration, both regional and near-mine, to build the resource base. The target for Atlantic is additional Touquoy style deposits.
Atlantic Gold has now drilled a total of 39 diamond holes for 3102 m as delineation of the Cochrane Hill gold deposit. Completion of all resource delineation drilling, will enable an estimate of a full inventory of Measured and Indicated Resources and likely to expand the resource particularly at depth where the resource is open.
Current resource for Cochrane Hill is 10 million tonnes at 1.7 g/t gold for 547,000 contained ounces of indicated and inferred resource. This is based on historic data.
Atlantic has an option agreement over the Cochrane Hill project with Scorpio Mining (TSX: SPM). Depending on expenditure incurred by Atlantic it will own either a 60% JV interest or 100%.
No comments:
Post a Comment