The Chatinika Terrane, just north of Fairbanks, Alaska, is not noted for its gold potential, but exploration by La Teko Resources (LAORF-Q) and Newmont Gold (NGC-N) at the True North gold project is altering that perception.
The Chatinika Terrane consists of a mass of metamorphic rocks that were formed at great depths but relatively low temperatures. The rocks were then thrust to the surface, over the schists of the Fairbanks district.
The True North area, 14 miles northeast of Fairbanks, produced antimony from 1916 to 1922, yet no significant gold exploration was carried out until Amax Gold arrived on the scene in 1990.
In 1995, La Teko acquired the property through subsidiary Ryan Lode Mines and entered into a joint venture with Newmont. Since that time, Newmont, which holds a 65% interest there, has drilled more than 450 holes totalling 125,000 ft.
The land package consists of 6,000 acres, only 10% of which has been drill-tested.
Drilling east of the Central zone has outlined a new target, the Chomco zone.
The Zepplin and East zones also contain high-grade gold values.
Randy Vance, a spokesman for Newmont, says the best gold grades occur in graphitic schists in the eclogite.
Trenching is also expanding the areas of newly discovered mineralization.
More drilling is planned for the winter.
Be the first to comment on "EXPLORATION ROUNDUP — Fairbanks region entices juniors"