Hoping to follow up on some earlier high-grade intercepts, Freewest Resources Canada (FWR-M) has resumed drilling on its Clarence Stream property, 70 km southwest of Fredericton in southwestern New Brunswick.
The second round of drilling will comprise at least 2,500 metres in 15-20 holes. It will test the Central zone at depth and along strike.
In April, Freewest wrapped up a 39-hole, 3,474-metre drill program on the property.
Hole 39 of the program was collared on the Central zone. It cut 21 metres (from 60 metres below surface) averaging 15.06 grams gold per tonne, including 1 metre of 18.67 grams, 5 metres of 25.95 grams and 3.5 metres of 41.18 grams.
This hole undercut hole 37, which returned 27.5 metres grading 3.5 grams, including 14.5 metres of 5.3 grams, at 30 metres of depth. The two intercepts are believed to represent true widths. Both holes encountered strong quartz veining and stockwork hosted in highly siliceous and sericitically altered quartzwacke and hornfel.
Stepout holes, collared 50 metres to the east and west, returned 5.5 metres grading 3.84 grams, including half a metre grading 16.58 grams. This interval also contained a series of narrow intercepts, including 2.2 metres averaging 12.28 grams, of which 1.1 metres graded 22.14 grams.
The Central zone remains open along strike and at depth.
To fund the drilling, Freewest has negotiated a private placement of 1 million shares at 35 apiece, for proceeds of $350,000, with LOM Capital Ltd. of Hamilton, Bermuda. Each share is accompanied by one share purchase warrant that entitles its holder to buy one share for 45 for up to 18 months after closing. LOM will also receive a finder’s fee of 100,000 shares and 100,000 warrants exercisable for 18 months at 45 each.
Freewest has uncovered five zones of gold-bearing mineralization at Clarence Stream — Cox, West, N, Central and East. The zones are intermittently exposed by trenching over a collective strike length of 2 km. Gold mineralization occurs in sheeted quartz veins, replacements and stockworks, biotite-cordierite hornfels and skarn within the contact aureole of the St. George Batholith.
About 20 km to the east, junior Golden Hope (YGH-V) has staked a 39-claim property, which is jointly owned with Fancamp Exploration (FNC-V) and covers about 4 km of the Batholith contact zone.
Reconnaissance prospecting has revealed considerable alteration and pyritization in the hornfels country rocks in the central part of the property. A gabbro unit has also been discovered there. This is a distinctive feature of the Clarence Stream geology.
Prospecting and geochemical soil sampling will begin shortly.
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