Mineralization now stretches 100 metres farther at Fortress Minerals‘ (FST-V) Elena prospect on its 51%-owned Svetloye gold project in the Russian Far East.
That’s a direct result of drilling 61 holes totaling 8,300 metres over 2007, with the latest drill holes rounding off the epithermal mineralized zone to 10km in length.
The final drill results for the year were released today, highlighting several significant grades such as hole PDSC-119, which returned a 65.6-metre intersection grading 5.2 grams gold per tonne.
Hole PDSC-121 returned 15.5 metres grading 3.53 grams gold per tonne.
The company also noted a 19.7-metre intersection in hole PDSC-117 with an average grade of 0.91 grams gold per tonne. This drill hole added 100 km to the strike length, in a southwest direction.
Elena is one of nine prospects at Svetloye project. The Sandy and Katie prospects were discovered this year.
Gold is associated with zones of vuggy silica, alunite and late stage veins. Fortress has drilled more than 13,000 metres in total over three field seasons.
Located 80km from the Pacific Ocean, the project is close to the port of Okhotsk and is accessible by winter road or by helicopter.
The remaining 49% of the project is owned by Freeport-McMoRan Exploration, a subsidiary of Freeport-McMoRan Copper and Gold (FCX-N). Freeport explored the project during 2003 and 2004, discovering the first seven prospects.
Under their agreement, Fortress can earn up to 80% in the Svetloye, which it says it will achieve during 2008.
Fortress shares were up nearly 10% today, or 13 to $1.45 apiece on a trading volume of 103,000 shares.
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