Gatling Exploration Inc (CVE:GTR) (OTCQB:GATGF) said it has uncovered widespread, near-surface gold mineralization at the Fernland deposit - part of the three deposits at its flagship Larder gold project in Ontario.
Drill assays include 1.1 grams per ton (g/t) gold over 101.3 metres (m) in one of the three zones, which have been identified at underexplored Fernland, the firm said, adding that the work was part of its current strategy of testing for surface potential across all three high-grade deposits at Larder.
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"These initial results from our ongoing 25,000 m drill program corroborate the recent shift in exploration strategy to prioritize the significant amount of near-surface potential at Larder," said Jason Billan, CEO at Gatling in a statement.
"This decision aligns well with numerous other deposits in the region that host both open pit as well as underground resources, such as Agnico Eagle's Upper Beaver deposit, Moneta Porcupine's Golden Highway deposits, and QMX's Bonnefond deposit."
Gatling said it is continuing to prove that the three deposits at Larder - called Fernland, Cheminis and Bear - are in fact all just one large 4.5-kilometre (km) mineralized system at the 3,370 hectare project.
It noted that the Cheminis deposit also hosts numerous near-surface gold mineralized zones, with historic results including 3.6 g/t gold over 30.6m and 2.3 g/t of the yellow metal over 35m.
The Larder property sits on the Cadillac-Larder Lake Break, 35km east of Kirkland Lake. The project is 100% controlled by Gatling and is positioned 7km west of the Kerr Addison mine, which has produced 11 million ounces of gold.
Shares in Toronto added 3.45% to C$0.45 each on the day.
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