The first hole drilled this year at the Fort Knox gold property near Fairbanks, Alaska, averaged 0.089 oz. gold per ton over its entire length from zero to 820 ft.
Fort Knox is an advanced, bulk tonnage gold project owned 51% by Fairbanks Gold (TSE). This year’s program of reserve enhancement and expansion drilling was designed and is being supervised by Mineral Resources Development.
Vertical hole 91-303 included several higher grade intercepts such as 540 ft. averaging 0.117 oz. (280-820 ft.) and 440 ft. of 0.116 oz. (280-720 ft.).
These assay results are well above the average of current minable reserves reported as 135.7 million tons grading 0.030 oz., based on a cutoff grade of 0.020 oz.
Fairbanks Gold pointed out that although the top 720 ft. of the hole is considered reliable, there is potential sample contamination below 720 ft. because of a high grade shear zone encountered at that depth.
Deep vertical drilling is continuing on a 24-hour-per-day basis.
Fairbanks Gold is seeking a buyer for its interest in the Fort Knox deposit and has retained Yorkton Securities and Gordon Capital as co-agents to handle expressions of interest from major mining companies.
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