Drilling is under way on a new zone of gold mineralization at the Damoti Lake property north of Yellowknife, N.W.T.
Consolidated Ramrod Gold (TSE) holds a 40% interest in the property and is earning a further 11% from Athabaska Gold Resources (TSE).
The remaining 25% working interest is held by Gitennes Exploration (ASE). The new zone is on the South Grid, about one mile south of the original BIF Island discovery. The joint venture describes the area as hosting highly prospective, densely concentrated iron formation units extending for about 6,500 ft.
Twenty-one of the 50 anomalous grab samples collected in the area returned values of greater than 0.15 oz. gold per ton, with seven ranging from 0.3 oz. gold up to more than 3 oz. gold. Follow-up channel sampling returned comparable gold values over widths of 12-18 ft.
The drilling program includes 16 holes totaling 6,600 ft.
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