Crosshair cuts gold in Newfoundland

Vancouver-based Crosshair Exploration & Mining (CXX-V) has intersected significant gold at its Wing’s Point-Titan prospect, 40 km north of Gander, Nfld.

The highlight of the recent drill program was a 3.35-metre intersection of 10.22 grams gold per tonne, which was included in a 5.25-metre interval that averaged 6.77 grams gold per tonne. Visible gold was seen in the core.

Another hole, WP-5, intersected 3.65 grams gold over 2.32 metres, including a section that graded 10.3 grams gold over a 0.53-metre width. A third hole intersected 2.5 metres grading 4.45 grams gold.

Eleven HQ-sized holes (63.5 mm core diameter) were drilled, totalling 881 metres. Five holes contained intercepts ranging from 0.1 to 6.95 metres in length and grading 0.76-7.63 grams gold per tonne. Three holes failed to intersect significant mineralization. In hole WP-5, gold values were associated with sedimentary rock rather than gabbro, which suggests the gold is more pervasive than previously thought.

The Titan prospect has been exposed in intermittent trenches over a strike length of 485 metres. Mineralization occurs close to the boundary of the original grid over the prospect. As a result, soil sampling has been completed over an additional 250 metres to the northeast and to the southwest. Following the drilling, an induced-polarization survey tested the area. Results are pending.

The Wing’s Point-Titan prospect is a joint venture under option from Rubicon Minerals (RMX-T). Crosshair can earn up to 60% of the property by spending $1.5 million, and issuing 400,000 shares to Rubicon, over four years.