Resolution Minerals (ASX: RML) says drilling at the latest hole being worked at the Aurora prospect within its Alaskan 64North project has intersected a shallow dipping 7m-thick quartz vein.
The company, however, cautions that a 7m-thick quartz vein with sulphides present is not evidence of the presence of gold.
There was no visible gold in the interval.
Resolution’s 64North project surrounds the Pogo mine, owned by Northern Star Resources (ASX: NST) which has so far produced 4 million ounces of gold at an average grade of 13.6 grams per tonne. Pogo has a total endowment of 10Moz of gold and is currently producing at a rate of 300,000oz per annum.
Resolution noted that, while it has not observed visible gold in this vein, “we understand that in a Pogo-style system there can be large variations in grade and vein thickness”.
More holes need to confirm gold
It is important to drill more holes into this immediate area to test for grade variation, lateral extents of the vein, possible stacked sets.
The 7m vein was intersected from 488m downhole as part of a 22m-thick zone of intense sulphides, alteration and quartz veining.
The hole was completed to a depth of 712m.
Selected samples have been submitted on priority order for laboratory assays, with results expected in less than a month.
Managing director Duncan Chessell said the company was pleased with the shallow dipping 7m vein.
Resolution says that drilling production rates at 64North have improved throughout the year and high-quality data has been collected from drill core.
“The structural information learnt from the drilling is crucial in unlocking he structural controls on mineralisation and will be combined with assay data when it becomes available, to enhance drill targeting,” the company stated.
The 64North project lies within the Tintina gold province, Alaska, which hosts more than 80Moz in gold, including Novagold’s Donlin Creek deposit. Other large deposits include Fort Knox and Livengood.
In all, Resolution has identified 30 prospects on its ground, and is working from a database covering 1998 through to 2012 which includes results from 40,000 surface samples.