Assay results from exploration work this season in the Happy Lake area near Rankin Inlet, N.W.T., is starting to tie together previously apparent erratic and discontinuous gold values, according to project operator Noble Peak Resources.
As a result of the success of the ’87 program, the company plans to spend at least $5.5 million in the area next year.
In the discovery area, sampling this season has returned values ranging from 0,087 to 1.1 oz gold per ton. Diamond drilling returned narrow intercepts grading 0.27, 0.29 and 0.72 oz gold per ton.
“The most noteworthy development in the discovery area is the established relationship of high values of gold to granodiorite intrusives,” according to President Norman H. Ursel.
On one zone in the area (Zone 1) intersections ranging from 0.06 to 0.58 oz gold per ton over widths of 1-5 m.
This and another zone occur at the interface of crystal tuff which is traceable over a combined length exceeding 1.5 km.
Drilling has tested 450 m of this length to a depth of 80 m. The zone remains open along strike and down dip.
“Higher gold values within a consistent halo of mineralization clearly indicates good probability of developing economically viable ore shoots,” Ursel says.
Dejour Mines has agreed to joint venture a property with Noble Peak, 100 miles southwest of Happy Lake. The best result from previous drilling was 0.212 over 13.1 m.
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