Signet hits gold and silver at Golden Eagle

Vancouver — The first two of three holes drilled by Signet Minerals (SGN-V) to test the Tannis zone at the Golden Eagle project in northwestern British Columbia have intersected intrusive-hosted, gold-silver mineralization.

The best hole returned 10.73 grams gold and 104.2 grams silver per tonne over 5.5 metres, within a broader 18.2-metre intersection grading 3.34 grams gold and 38 grams silver, starting at 40.3 metres. The other hole returned 3.36 grams gold over 13 metres, including 12 grams gold over 3.5 metres.

The Golden Eagle project lies near the Yukon border, within the Tintina gold belt that trends across the Yukon into neighbouring Alaska. The belt hosts numerous multi-million-ounce gold deposits, with one of the most notable being the Fort Knox gold deposit near Fairbanks, Alaska.

Signet plans further work — including a spring drill program — to test Golden Eagle, which covers about 68 sq. km over a distance of 25 km.

Drilling and trenching to date are testing mineralized structures comprising northeast-trending quartz veins and sheeted quartz veins in a rhyolite intrusive. The veins carry varying amounts of pyrite and arsenopyrite.

Recent work has focused on the T9 and T4 structures situated about 50 metres apart at surface. These prospects have been traced for more than 160 metres before they are obscured by overburden. Subsidiary structures have been identified between them, but are yet to be tested.

The company says drilling and trenching results to date demonstrate the presence of gold mineralization over a distance of 100 metres, and to a depth of 50 metres, on the T9 structure. Mineralization also extends for about 100 metres on the T4 structure, to a depth of 50 metres where drilled. More drilling is needed to determine the true width of the mineralized structures.

At least six other vein-type structures remain to be tested on the Golden Eagle property, along with a number of induced-polarization geophysical anomalies.

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