Ready Set Gold Corp (CSE:RDY) (OTCPINK:RDYFF) (FRA:0MZ) announced it has intersected gold mineralization in all 13 holes of the phase 1 drill program completed in March on its 100%-owned Northshore Gold Project in northern Ontario.
The company also said it achieved its primary objectives of the phase 1 program, which included testing a new geological model to better understand lithological and structural controls on gold mineralization, as well as confirming the grades of mineralization reported by previous owners/operators of the project.
“The broad nature of these intersections along with the evidence of higher-grade structures contained within is a very encouraging sign for a large gold system,” Ready Set Gold Vice President of Exploration Brad Lazich said in a statement.
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“These initial results not only confirm historical exploration, they also identify new areas of higher-grade mineralization and confirm our new geological model, which opens up the discovery and growth potential at Northshore," Lazich added.
Ready Set Gold noted that this confirmation is significant as it can now better predict and project extensions for drill testing moving forward, saying its model forecasts that the zones could run up to 1 kilometre (km) along strike, in both directions, from the already identified areas of gold mineralization and remain unexplored below 250 metres (m) depth.
It added that the Northshore Project remains underexplored with about only 5% of the area systematically evaluated to date and believes the property shows excellent potential to depth, including possible higher-grade gold zones.
As well, the company said it will conduct a surface exploration program at Northshore that it expects will help design a phase 2 drill program that will be focused on growing the known zones of gold mineralization on strike and at depth, as well as discovering new areas regionally. It also anticipates the program continuing to help better understand the historical resource estimate at Northshore.
The Northshore Gold Property, which is located in the Schreiber-Hemlo Greenstone Belt near Thunder Bay, is considered one of Ontario's largest undeveloped prospective gold projects.
Contact Sean at sean@proactiveinvestors.com