Gander Gold Corp (CSE:GAND) has reported that multiple high-priority gold targets for 2023 drilling have been identified at its 485-square-kilometre Gander North Project.
The targets are across a 25-kilometre-long, east-northeast-trending series of structures considered highly prospective for Newfoundland’s next significant high-grade discovery.
“Gander North has been a textbook example of a proven gold discovery methodology. The gold-in-soils are very high for Newfoundland, with dozens of samples exceeding 100 ppb, and as high as 1,432 ppb. These soil anomalies are coincident with very favorable structure suggesting the presence of an entirely new gold trend east of the GRUB Line,” Shawn Ryan, Gander Gold's technical advisor, said in a statement.
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“This could be another ‘game-changer’ for our understanding of gold deposits on the island, if indeed we hit with the drill bit in 2023. We will carry out some follow-up work to finalize the best of the best targets, and then we’ll proceed to first-ever diamond drilling. Exciting times coming up at Gander North,” he added.
Since initiating work at the Gander North Project in May 2021, the company has conducted one of the island’s most comprehensive grassroots gold exploration programs consisting of airborne geophysical surveys, the collection of 12,342 C-horizon soil samples, local ‘GT Probe’ geochemical follow-up surveys, structural interpretation, prospecting and geological mapping of select target areas within the project.
The 2023 field season begins in May and in addition to its flagship Gander North Project, Gander Gold has also made important progress at its Mount Peyton, BLT and Cape Ray properties, with updates expected over the coming weeks.
Exploration Highlights:
- Among the C-horizon soil samples collected at Gander North since 2021, 932 samples are considered “anomalous” - more than 7.1 – 24.8 parts per billion (ppb) gold (Au); 185 “very anomalous” - more than 24.8-56.2 ppb Au; and 123 “extremely anomalous” - more than 56.2-1432.1 ppb Au, including 72 samples around 100 ppb Au;
- Within the soil and rock geochemistry database, there is evidence of anomalous molybdenum, copper, and lead which suggests the potential for epithermal-mesothermal type system(s) occurring within the Gander North Project area;
- There is a direct correlation of anomalous to extremely anomalous Au-in-soil associated with identified east-northeast crosscutting structures and associated splays as evidenced by numerous
- Around 100 ppb Au soil samples occurring along these features, indicating a potential gold source (mesothermal) within these structures. Follow-up mapping and prospecting of these structures has identified multiple quartz veins and zones of quartz flooding related to the structures and splays.
The company said the two highest-grade gold samples (1,432 ppb Au and 1,154 ppb Au) collected at Gander North occur within Jonathan’s Third Pond Copper occurrence. Outside of this area, soil geochemistry grids focused primarily on the most prominent lineaments as identified by the MAG-VLF and LiDAR surveys.
While prospecting results have yet to identify Au-in-rock more than 0.38 ppm Au, the rock geochem database supports an Au anomaly in a west-northwest/south-southeast orientation across the middle of the project area. Notably, a rock sample assayed 63,800 parts per million (ppm) at 6.38% copper. The company deems this anomaly as positive and believes it supports the potential presence of an epithermal-mesothermal gold system(s) within the project area.
Geological mapping in Q4 2022 focused on the area of broad anomalous gold-copper-lead-molybdenum-silver rock geochemistry results. Pervasive silicification and iron oxide/iron carbonate alteration, pyrite, chalcopyrite, galena and magnetite mineralization were identified in the Viking area. This is in close proximity to the GRUB Line, a major lineament and potential pathway for hydrothermal fluids.
Gander Gold is one of Newfoundland's largest claim holders targeting new high-grade gold discoveries with a current focus on the large Gander North, Mount Peyton and BLT (Botwood-Laurenceton-Thwart Island) projects where there has been very promising early exploration success. Other opportunities advancing through the pipeline are Cape Ray II, Carmanville, Gander South, Little River and Hermitage.
Contact the author at jon.hopkins@proactiveinvestors.com