Placer is earning a 51% interest in the property from Athena Gold (VSE) by making expenditures, payments and share purchases which could total US$39 million.
The drilling program was designed to test a number of targets outside the main Talapoosa deposit. The deposit is estimated to contain a preliminary reserve of 19.6 million tons grading 0.045 oz. gold and 0.61 oz. silver per ton.
The drilling encountered a new zone of gold-silver mineralization in the East Hill area, southeast of the main Talapoosa deposit. Among a number of wide, low-grade intercepts, the best result was a 70-ft. intersection grading 0.039 oz. gold and 0.81 oz. silver at a depth of 410 ft.
Drilling to the northwest on the Dyke Adit zone encountered a number of good intersections, including 65 ft. grading 0.096 oz. gold and 1.67 oz. silver, as well as a 50-ft. intersection grading 0.18 oz. gold and 0.68 oz. silver.
The latest drilling program will continue to test the East Hill and Dyke Adit zones in addition to a number of other targets.
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