Drilling shows continuity of gold/silver at Biron bet

Biron Bay can earn a 60% interest in the property by spending $4 million on property acquisition and exploration over three years, while NovaGold retains the right to convert its 40% stake to a 22% carried interest.

Results from two step-out holes, north of the high grade shoot, intersected the mineralized vein at a much higher elevation relative to the shoot. “The intercepts show increasing width and grade as the zone approaches the 5,000-ft horizon,” said Biron Bay President Leonard Taylor.

Assays from one of those holes (S-89-7) include 11 ft of grade 0.035 oz gold per ton and 2.236 oz silver. The second step-out hole (S89-8) intersected 12 ft of grade 0.087 oz gold and 5.22 oz silver. The high grade shoot, containing inferred reserves of 1.28 million tons grading 0.197 oz gold and 19.38 oz silver, is part of a 40-120-ft wide breccia zone which has been explored along approximately one-third of its 10,000-ft strike length.

A phase-one program, consisting of seven holes and one wedged hole, confirmed the continuity of the Summit vein system. All eight holes intersected significant gold- silver values, according to Taylor.

Highlights include 12 ft of grade 0.251 oz gold and 21.85 oz silver, 21 ft of grade 0.258 oz gold and 7.36 oz silver and 11 ft of grade 0.444 oz gold and 12.6 oz silver.

The phase-two program, which began last week, will explore the downdip extension of the two step- out holes. “Step out to the north will then proceed systematically at 400-ft centres along strike,” said Taylor.

]]>