Fairbanks drilling hits 1,130 ft of 0.043 oz gold

Because of the tonnage and potential reserve implications from the recent drilling, Fairbanks is accelerating a wide-spaced drill program on the 51%-owned property in order to determine the limits of the recently-discovered intrusive- hosted porphyry gold system.

The first hole drilled this year, 89-026, was drilled at a 60 degrees angle to a total depth of 645 ft and averaged 0.036 oz gold per ton over its entire length. The hole was oxidized from the collar to the bottom of the hole.

A more recent hole, 89-036, was drilled as a step-out 300 ft southwest of hole 89-026. It was drilled to a depth of 1,130 ft and returned continuous, low sulphide gold mineralization averaging 0.043 oz gold along its entire length from the collar to the bottom of the hole.

A core hole was then drilled at an identical bearing to hole 89-036 which Fairbanks said verified its geologic interpretation that the hole was drilled perpendicular to a series of parallel and sub-parallel gold- bearing shears and veins which exist throughout the intrusive, “thereby testing true width of the gold zones.”

Several additional step-out holes were drilled to the north, south and west of hole 89-026 which discovered deep-seated mineralization reported to be open in all directions, including to depth.

Hole 89-038 was drilled some 720 ft northwest of hole 89-026. It was drilled to 700-ft depth and averaged 0.046 oz gold over its entire length.

Hole 89-040, drilled 1,000 ft due west of hole 89-036 as a major western step-out, was drilled to 620 ft. The entire hole averaged 0.038 oz from surface to the bottom of the hole.

Additional step-out holes are expected shortly, along with a preliminary report by Victor Hollister (a renowned expert on porphyry deposits and a director of Fairbanks) on the genetic model for the deposit.

The discovery is considered unique as a low sulphide, bulk tonnage, porphyry gold system, but Fairbanks has used it as a model to secure additional projects with similar exploration potential in Alaska.

“It’s a new kind of model that’s never been found before,” said Eric Friedland, the president of Fairbanks Gold. “I’ve never seen a porphyry gold deposit that has such low sulphides, no base metals, and free gold to this size. “We can’t consider it a typical disseminated system because there are veins in it,” Friedland added. “But there are so many veins, it is almo st like a disseminated system.”

Friedland said additional step- out holes (up to 1,200 ft deep) are planned to initially test western and eastern extensions of the Fort Knox intrusive.

Based on recent trenching, Fairbanks estimates the dimensions of the intrusive as about 6,000 ft long and 1,400 ft wide. But given the area of untested intrusive, the company said tonnage potential estimates are premature.

Ventures Trident Limited Partnership and Robert Nye control the remaining Fort Knox property interest. The road-accessed property is just 12 miles from Fairbanks.

The Northern Miner has learned that a number of major companies are currently active in the Fairbanks region on the trail of similar exploration targets.

]]>