Vancouver – Partners Wolfden Resources (YWO-V) and First Au Strategies (FAV-V) have a drill rig moving onto the past producing Casummit gold property in the Red Lake mining camp of northern Ontario.
The property’s main target is the past-producing Argosy gold mine, which closed in 1952 after producing 101,875 oz of gold. Production came from three veins mined to vertical depths of 300 metres. Based on historical reports, some of the best grades came from the P zone, where quartz veins in mineralized quartz porphyry on the 220 metre level returned an average of 75.8 grams gold per tonne over 71.6 metres. The width of the mineralization is tabled at 0.56 metre.
The partners aim to test for mineralization below the historic workings at the No. 1 and No. 2 veins, as well a number of parallel structures, which include the unmined No.3 Vein. Previous drilling into this unmined target includes 45.4 grams gold over 0.6 metre.
First Au Strategies will fund the 2,000 metres program as part of its January agreement to earn a 51% stake in the property. Drilling is expected to be completed by the end of October.
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