Northern Tiger Resources (NTR-V) has renewed interest in the Sleeping Giant zone at the 3Ace project in southeast Yukon, with some encouraging sample results.
The latest results include high-grade channel samples targeting a newly exposed quartz vein in the property’s Sleeping Giant zone. Continuous chip sample results include 7 metres grading 132.91 grams gold per tonne in channel 6; 5 metres averaging 448.92 grams gold in channel 6; 3 metres carrying 156.09 grams gold in channel 3; and 4 metres grading 92.62 grams gold in channel 4.
The latest data follow chip sampling results from late July that had 11 one-metre chip samples with a weighted average of 50.3 grams gold, also in the Sleeping Giant zone.
The high-grade channel sample results are somewhat distorted, as Northern Tiger took them along the exposed strike of the vein, which it says was done because the terrain made it impractical to trench across the strike. Overall the vein segment is exposed for 25 metres and is estimated to be 3 metres wide.
Northern Tiger first drill tested the Sleeping Giant zone in 2010 after cutting chip samples of 6 metres grading 11.34 grams gold, 9 metres averaging 7.55 grams gold and a grab sample of 82.27 grams gold. But drilling on the zone in 2010 did not meet expectations, with a 12-metre intercept grading 1.51 grams gold being the best result out of six holes drilled. After climbing from around 26¢ to a high of 93¢ in September 2010 on the sample results, the share price fell back to 36¢ on the drill results.
Fast-forward two years, and the company sees new potential in Sleeping Giant. The company stated that the new trenching has provided more structural information, and it thinks the area was not adequately tested in 2010. Based on the new information Northern Tiger moved its drill rig to the area to drill 366 metres in seven holes, and is waiting on assay results.
The company interprets Sleeping Giant as a series of overlapping massive quartz veins hosted in a shear zone 1 km east of the initial discovery area at 3Ace, known as the Main zone. Drilling on the Main zone last year returned 35 metres grading 4.6 grams gold, including 1 metre averaging 106.2 grams gold. The two zones look to be structurally similar, though at 125 metres wide by 300 metres long, the Sleeping Giant zone is exposed over a larger area.
On news of the latest results, Northern Tiger’s share price climbed 3¢, or 20%, to close at 18¢ with 2.6 million shares traded. The gains add to the 4¢ the company climbed after the late July results. The company has just under 100 million shares outstanding.
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