Giant Bay Resources, which had hoped initial mining from its Gordon Lake gold property in the Northwest Territories could have been open pit, says that possibility “now seems highly unlikely.”
The company says assay results from 3,500 bulk samples taken in an underground program were unexpected, inconsistent with the model of the ore deposit developed in 1985, and “very disappointing.”
It says most of the samples ran less than 0.1 oz gold per ton, with the exception that 40 samples from one 10-ton round taken from the end of the west drift all graded above 0.2 oz gold per ton.
It’s clear from the bulk sample assays, Giant Bay says, that sampling was in a gold mineralized zone down to the 200-ft level. It anticipates that higher grades may be located at depths greater than 200 ft.
The company adds it is possible the drift at the 200-ft level missed the main ore shoots so, in addition to the bulk sampling, about 500 samples were taken from 6,000 ft of horizontal and vertical underground drilling from the decline and drift.
These assay results are expected to be available by mid-October.
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