Damoti Lake drilling yields more gold (December 21, 2004)

After cutting high grade gold in drill holes, Anaconda Gold (ANX-V) is updating the gold resource at its Damoti Lake project, 200 km north of Yellowknife, N.W.T.

The latest drilling (1,300 metres in 19 holes) is highlighted by one hole that cut 9 metres (true width) grading 59.5 grams gold per tonne at a down-hole depth of 65 metres. The same shoot was intersected 10 metres (horizontally) away, where a 6-m (true width) intercept graded 23.5 grams gold.

Other high-grade intersections include 2.2 metres grading 32 grams gold (within this interval is 60 cm grading 100 grams gold per tonne), 1.9 metres grading 35.8 grams gold and 2.35 metres that graded 19.7 grams gold per tonne (true width of these intervals has not been determined).

One hole contained a 67-cm intersection that assayed 95 grams gold. A re-assay of the same sample (using the metallic screen method) resulted in a grade of 504 grams gold per tonne.

Nine of the holes cut 3.6-30.8 grams gold over widths of 0.35-3.3 metres. Four holes failed to intersect significant mineralization.

Gold is associated with sulphides and quartz veining within folded iron formation.

Most of these holes tested the Horseshoe zone that in 1997 was estimated to host a resource of 455,685 tonnes grading 16 grams gold per tonne (prior to National Instrument 43-101).

A couple of holes cut significant gold (in the range of 13-15 grams gold) 80 metres north of the Horseshoe zone. The company hopes that the latest drill results, in conjunction with earlier work, may indicate an additional gold resource nearby, yet apart from, the Horseshoe zone.

An updated resource estimate of the Horseshoe zone will be calculated in the next few months.

Anaconda can earn a 55% interest in the project from Doublestar Resources (DSR-V) by spending $2.5 million over four years.

Print

Be the first to comment on "Damoti Lake drilling yields more gold (December 21, 2004)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close