The drill bit led Auriga Gold (AIA-V) up the market on Thursday, as the company announced it had struck 30.44 grams of gold over 2 metres at its Maverick project in Manitoba.
The latest results dovetail nicely with results from earlier in March, as both announced that drill had intersected parallel zones of high-grade gold mineralization.
Another hole from the most recent results returned 9.19 grams gold over 2 meters. The company says that all five holes for which assays were returned intersected gold mineralization.
Phase one of drilling, which is where the results came out of, was made up of 3,350 metres and was done with the aim of testing the historical gold resources at the past-producing Puffy Lake Mine.
Drilling for phase one is now done, with assay results on the last seven holes pending.
With phase one under its belt, the company has already launched into phase two, which will see 32 holes drilled for 1,600 metres.
The aim of this round of drilling is to test the potential of shallow open pit mining of the mineralized vein system.
Auriga says eight holes have already been drilled with assays pending.
Maverick lies in the Flin Flon greenstone belt of central Manitoba and sits roughly 65-km northeast of Flin Flon. The belt is considered to be one of the largest volcanogenic massive sulfide ore deposit districts in the world as it hosts copper, zinc and gold deposits.
Beyond the past-producing Puffy Lake Mine, the project also hosts the adjacent Nokomis property.
Puffy Lake’s historical resource calculation, done in 1993 by Kilborn Engineering, estimated probable resources of 1.3 million tonnes grading 8.57 grams gold and possible resources of 833,700 tonnes grading 7.15 grams gold
Those numbers came out of a feasibility commissioned by Pioneer Metals that used a cut-off grade of 3.5 grams gold and a minimum mining width of 1.2 metres.
In Toronto on March 24, Auriga shares shot up 10% or 3¢ to 32¢ on a heavy volume of 1.5 million shares.
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