Northern Tiger Resources Inc TSXV:NTR announced assays from the Main Zone of its 3Ace Property in southeast Yukon. Highlights include
4.61 g/t gold over 35 metres
(including 106.21 g/t over 1 metre)
2.51 g/t over 27.2 metres
(including 6.8 g/t over 9 metres)
0.83 g/t over 14.3 metres
1.27 g/t over 5.6 metres
0.46 g/t over 12.1 metres
Northern Tiger may earn a 100% interest in the property under an April 2010 option agreement with prospector Alex McMillan. Northern Tiger will pay $500,000, issue two million shares and spend $700,000 over a four-year period. An annual advance royalty payment of $45,000 will start on the fifth anniversary of the agreement and will continue until commercial production begins. The agreement also allows McMillan an NSR.
President/CEO Greg Hayes tells ResourceClips.com, “3Ace is a relatively new property. We acquired it from a First Nations prospector in April of last year, so we’ve had it for close to a year and a half now. On our first-pass exploration program last year we found a lot of high-grade gold on surface. We put in a couple of holes late in the season and had a couple of good intercepts from that. We’re following up with a bigger drill program this year. We continue to hit some pretty good intercepts there.
We’ve outlined a surface expression of high-grade gold over a pretty extensive area—Greg Hayes
“We ended up drilling about 8,500 metres in 2011. Now we’re just winding up for the season as winter conditions are hitting. So we put out eight holes of the 29 holes we drilled up there, and we had some pretty good hits including the highlight hole of 35 metres of 4.6 g/t.
“We aren’t planning on doing a resource estimate this year, as we don’t have enough holes yet. As we get all our results back of course we’ll be analyzing them and may be drilling for a resource next year.” Hayes continues, “We’re more explorationists here at Northern Tiger, so likely we’d be looking either at a partnership or a buy-out to take it to production.”
He concludes, “We’re very happy with the project. We’ve outlined a surface expression of high-grade gold over a pretty extensive area and, so far, where we’ve been drilling we’ve been able to find more of it underground. So we’re very big on the project and think we’ll be out there for a while to come.”
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by Greg Klein and Ted Niles