Assay results from the first part of a decline ramp being put down b y Chesbar Resources on Murgold Resources’ Chester Twp. property about 70 miles southwest of Timmins, Ont., have returned some good gold values.
The ramp has cut through the No 3 and No 4 vein systems at shallow depths and is now running parallel to these structures on the way to its main target.
Systematic sampling of the west wall of the drive where it crossed the veins has returned 0.285 oz gold per ton over 6.5 ft in one zone and 1.016 oz over 9.5 ft in a second zone 43 ft away. Samples from the east wall assayed 1.55 oz over 3 ft and 0.247 oz over 4 ft as well as a third section that ran 0.117 oz over 6.5 ft.
Other lower grade veins were noted in both walls and Chesbar says it is evident that the two vein systems are part of a major mineralized structure at least 140 ft wide.
The ramp has now been driven for a length of 591 ft and has 900 ft more to go to its objective where a crosscut will be driven to open up the No 3 and No 4 vein systems at a vertical depth of 200 ft.
Chesbar can earn a 60% interest in the property by spending $2 million. Murgold will hold the balance.
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