Dragon Mining (ASX:DRA) has found high grade gold including intercepts of up to 14.80 metres at 14.76 grams per tonne in the drill hole KS/JS260 at its Kuusamo Mine project in Finland.
The assays for the last drill hole build on significant intersections found earlier including 8.85 metres at 6.90 g/t gold, 6.60 metres at 8.25g/t gold and 4.45 metres at 9.44 g/t gold.
The Phase 13 program targeted the northwestern portion of the Juomasuo deposit, further examining the strike and depth extensions of gold mineralisation identified during the Phase 12 program.
Nine holes of the twelve hole, 4,200 metre program have been completed.
The Juomasuo deposit is the largest of the three deposits in the Kuusamo Mine Project and represents a geologically well-defined zone of steeply dipping medium to high grade gold mineralisation that remain open at depth.
The deposit extends over a strike length of 280 metres and includes a vertical extent of 280 metres from surface, with 85% of the gold resource tonnes found between surface and a vertical depth of 180 metres.
The remaining three holes under the Phase 13 program will start in the latter part of 2013.
Kuusamo is located approximately 700 kilometres northeast of Helsinki in northern Finland. It comprises five known gold deposits with a combined Measured, Indicated and Inferred Resource of 459,600 ounces grading 4.2 g/t gold.
Dragon Mining continues to consolidate its position in the Kuusamo Exploration Province, increasing its exploration holding in the broader region to 1,173.3 square kilometres with the application of a series of Reservation areas.
At the end of December 2012, Dragon held $5.5 million in cash and $4.8 million in bullion in net gold concentrate receivables.
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