Energold points to solid values at Longyear

The latest drill results are adding momentum to Energold Mining‘s (EGD-V) attempts to outline gold-copper-silver mineralization at the Longyear property in the Dominican Republic.

The company will drill a total of 20 holes within a 350-by-600-metre area, where pit and trench sampling returned 1.2 grams gold per tonne from near-surface oxidized material.

Highlights from the first seven holes are as follows:

• Hole 1 intersected 5 metres averaging 0.53% copper, 2.94 grams gold and 6.08 grams silver, starting from the surface. At a depth of 37 metres, a 2-metre interval returned 0.004% copper, 1.46 grams gold and 3.3 grams silver.
• Hole 2 cut 3 metres of 0.06% copper, 0.68 gram gold and 1.7 grams silver starting at a depth of 2 metres.
• Hole 3 cut 9 metres grading 1.04 grams gold and 31.07 grams silver starting from the surface.
• Hole 4 returned 6 metres of 0.03% copper, 0.58 gram gold and 1 gram silver starting from the surface.
• Hole 5 cut 16 metres of 0.11% copper, 0.32 gram gold and 6.58 grams silver starting from the surface.
• Hole 6 hit 4 metres of 0.27 gram gold and 4 grams silver starting from the surface. This was followed by a 6-metre interval that assayed 0.27% copper, 0.44 gram gold and 5.53 grams silver starting 15 metres down-hole. At 27 metres down-hole, a 4-metre interval returned 2.2% copper, 1.55 grams gold and 23.8 grams silver. Farther down-hole at a depth of 37 metres, another 4-metre interval assayed 0.63% copper, 1.02 grams gold and 28.5 grams silver, and at 48 metres down-hole, a 6-metre interval cut 0.18% copper 0.18 gram gold and 4.1 grams silver.
• Hole L-7 intersected 8 metres averaging 0.43% copper, 0.33 gram gold and 2.13 grams silver starting from the surface. This was followed by a series of sulphide intercepts that started 24 metres down-hole. The first intercept assayed 1.45 grams gold and 28.45 grams silver, whereas the second returned 0.27% copper, 0.55 gram gold and 19.5 grams silver over 10-metres, starting 30 metres down-hole. At a depth of 60 metres down-hole, another 10-metre interval assayed 0.06% copper, 0.21 gram gold and 3.8 grams silver.

These first seven holes cover about one third of the southeast flank of the Longyear target area and are spaced about 200 metres apart.

Energold says individual 1-metre assay results range up to 5.9 grams gold, 103 grams silver and 7.27% copper, as well as 1.59% zinc.

Assay results from the remaining 13 holes are expected shortly. Energold has 17.4 million shares fully diluted and $2.1 million in working capital.

The ongoing drill program is expected to span 1,221 metres.

In related news, Atna Resources (ATN-T) completed four holes of its 2,000-metre drill program on the San Antonio concession in the Dominican Republic. The company is searching for copper-zinc-gold volcanic massive sulphides and earning a 60% interest in the 34.5-sq.-km property from Energold.

Atna reports that all four holes intersected massive sulphide mineralization. They were drilled at 100-metre stepouts and indicate that mineralization extends 400 metres along strike and 120 metres downdip.

A 3.1-metre piece of core taken from hole 2 assayed 8.55% zinc, 3.39% copper and 0.13% lead, plus 1.38 grams gold and 185.2 grams silver per tonne, and was sampled from the interval between 152.4 and 155.5 metres down-hole.

Holes 5 and 6 will be drilled to test coincident geological, geochemical and geophysical anomalies to the southeast along strike. Atna will continue to drilltest the extent of mineralization intersected in the first four holes. Full assay results are expected in April.

At last report, Atna had 23.6 million shares fully diluted and $15 million in working capital.