Asia Gold‘s (ASG-V) drill results from its Tashlaka Hill project in southeastern Bulgaria were delivered to the market on Wednesday, but the data failed to give the company’s shares a push.
In Toronto on Sept. 6, Asia Gold’s shares were off just over 4% or 12 to $2.83 on just 2,500 shares traded.
In all nine diamond drill holes, totaling 1,441 metres, were drilled on the Tashlaka main and Tashlaka south prospects between May and July, 2006.
Highlights from the six holes drilled at Tashlaka main include:
- Hole R-243a, 33.7 metres (from 58 to 91.7 metres) grading 1.6 grams gold and 2.4 grams silver, including 5.8 metres grading 6.3 grams gold and 6 grams silver,
- Hole R-243, 22 metres (from 57 to 79 metres) grading 1.4 grams gold and 1.8 grams silver,
- Hole R-244, 15.5 metres (from 94 to 109.5 metres) grading 1 gram gold and 1.1 gram silver.
Asia Gold earned a 51% interest in Tashlaka Hill and three other Bulgarian projects by completing the dill program.
Cambridge Mineral Resources (CMR-L) is Asia Gold’s partner in the joint venture.
In its press release Asia Gold trumpeted the fact that it has, for the first time, managed to construct a viable conceptual model for the “enigmatic” Tashlaka Hill.
It delineates mineralization by north- northeast trending structures in the underlying basement rocks, which the company says, appear to control the highest grades. Moderate to low-grade mineralization is controlled by a permeability ‘plume’ within the host conglomerates above the basement zone, Asia Gold says.
Results from Tashlaka south weren’t as strong as those from the main zone. Highlights there included:
- Hole R-242, 18 metres (from 218 to 236 metres) grading 0.89 grams gold.
Ivanhoe Mines (IVN-T) holds roughly 45% of Asia Gold’s outstanding shares, with BHP Billiton (BHP-N, BLT-L) holding roughly 10%. The company also has exploration projects in Mongolia and Indonesia.
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