Newcomer First Dynasty Mines (TSE) will spend US$2.7 million to advance its Dublin Creek gold property in the Yukon.
The money will finance drilling (which started in May), metallurgical testing and several engineering studies.
The company intends to produce a prefeasibility study and an initial environmental evaluation for permitting purposes. It hopes to reach a production decision by the end of this year.
The program calls for 40,000 ft. of drilling.
Preliminary assay results have been received for two reverse-circulation drill holes from the Eagle zone.
The first hole (95-80) encountered 500 ft. grading 0.038 oz. gold per ton.
The second (95-81) encountered 520 ft, grading 0.06 oz. per ton, including 260 ft. of 0.082 oz. per ton.
Results for the bottom part of the hole are still pending.
The property, described as having geological similarities to Amax Gold’s (NYSE) Fort Knox deposit, is a porphyry deposit containing about 110 million tons grading 0.034 oz. gold per ton.
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