Metallic Ventures cuts new gold at Gemfield

Reno-based Metallic Ventures (MVG-T) continues to cut high gold values on its Gemfield deposit on the Goldfield property in Nevada.

Highlights form recent holes collared on the northeast section of the deposit include:Hole GEM-268 — 85 ft. (from 35 ft. below surface) grading 2.94 oz. gold per ton, including 10 ft. (from 35 ft.) of 1.12 oz. gold and 15 ft. (from 80 ft.) of 15.2 oz per ton;Hole GEM-269 – 165 ft. (from 35 ft.) running 0.21 oz. gold , including 55 ft. (from 45 ft.) grading 0.59 oz. gold and 10 ft. (from 55 ft.) of 1.61 oz. gold.

The company believes the holes define a structural feeder responsible for most of the high-grade gold targeted by historic mining on the property. The near-surface, peripheral zone of mineralization remains open.

About 1,450 ft. to the southwest, two holes returned:Hole GEM 307 — 125 ft. (from 535 ft.) grading 0.119 oz. gold, including 70 ft. (from 550 ft.) of 0.178 oz. and 15 ft. (from 550 ft.) of 0.332 oz. gold. Hole GEM 310 – 290 ft. (from 330 ft.) running 0.088 oz, including 65 ft. (from 455 ft.) of 0.305 oz. and 15 ft. (from 485 ft.) of 0.699 oz. gold.

Metallic Ventures says the holes define a new zone of high-grade gold mineralization. Further drilling is panned to follow up on the new discovery.

Most of the remaining holes in the current 150-hole in-fill drilling program were collared over 100-ft. centres as in-fill holes on the know mineralization. So far, 120 holes have been sunk; gold grades are generally less than 0.1 oz. gold per ton over widths from 5 to 300 ft.

The geology at the Goldfield property is characterized by a volcanic-hosted, high-sulphidation gold-copper system. Resources are contained in three areas: Goldfield Main, where most mining has taken place; McMahon Ridge, to the north; and Gemfield, to the northwest.

In early April, drilling at McMahon Ridge extended a known zone gold mineralization down dip. Those holes generally returned less than 0.1oz. gold over 5 to 105 ft. Hole MCM 287 returned 105 ft. (from 375 ft.) averaging 0.05 oz. gold, plus 50 ft. (from 505 ft.) of 0.11 oz. gold, including 5 ft. of 0.81 oz.

At last count, resources at Goldfield were pegged at 23.4 million tons grading 0.031 oz. gold (720,300 contained ounces) in the indicated category and 10.2 million tons of 0.024 oz. (247,000 oz.) in the inferred category (T.N.M., Mar 10-16/03).