NSGold drills Nova Scotia, Northern Freegold reaches PEA in Yukon
by Greg Klein
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News from Nova Scotia shows open pit potential for the province’s oldest known gold mine, the Mooseland project. On February 20 NSGold Corp TSXV:NSX released a batch of assays from a 15-hole, 948-metre, near-surface West zone campaign. Some highlights include:
- 36.8 grams per tonne gold over 0.6 metres
- 15.21 g/t over 1.7 metres
- 9.93 g/t over 1 metre
- 7.1 g/t over 1 metre
- 6.25 g/t over 1 metre
- 11.49 g/t over 1 metre
- 8.44 g/t over 1 metre
- 9.44 g/t over 1 metre
- 18.76 g/t over 1 metre.
A 0.5 g/t cutoff grade was applied. True widths were estimated between 91% and 93%. The top-most interval started at 5 metres from surface while the deepest stopped at a down-hole depth of 79.4 metres.
Two of the 15 holes were abandoned after hitting historic workings. The other 13 “all encountered the expected, relatively sulphide-rich, quartz-bearing argillite zones,” NSGold stated. The West zone’s relatively shallow overburden and the geometry of the near-surface saddle veins are “of particular significance from a potential open pit mining perspective,” the company added. The West zone extends about a kilometre along strike. Unlike the most recent campaign, the zone was previously drilled at deeper depths.
Mooseland’s June 2012 resource estimate uses a 2.6 g/t gold cutoff showing:
- a West zone inferred estimate of 1.46 million tonnes averaging 5.52 g/t gold for 259,000 gold ounces
- an East zone inferred estimate of 1.06 million tonnes averaging 5.72 g/t for 195,000 ounces
- a total inferred resource of 2.52 million tonnes averaging 5.6 g/t for 454,000 ounces.
Apart from drilling its flagship Mooseland project, NSGold last December announced gold-silver-polymetallic sampling at its Cheticamp property, also in Nova Scotia. In January the company optioned the Silver Hill property, a potential gold or gold-silver project in Nevada. The same month Phase II drilling began at the Dios Padre silver project in Sonora state, Mexico, by NSX Silver TSXV:NSY. A spinout of an NSGold subsidiary, NSX Silver holds Dios Padre under option from NSGold.
NSGold’s chart had flattened out at $0.085 since February 12, but slipped to $0.075 on February 20 before closing on $0.085 again.
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