Having received favorable indications from overburden testing on its Shamrock gold property in Newfoundland, Eastern Goldfields (COATS) plans to engage in a program of drilling and trenching this summer. Last fall, Eastern delineated a block of geochemical gold anomalies stretching for 1,600 ft. and containing values of up to 7,200 parts per billion gold.
Recently, analytical work on small rock fragments in the overburden from another anomalous block has revealed significant amounts of free gold. The distribution and delicate nature of the gold suggest that the distance of transport may be less than 100 metres, says Eastern. The source of the gold is believed to be one or more shear structures identified by ground geophysics.
The company is negotiating a private placement for financing the next phase of exploration.
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