Northstar Gold Corp said it has engaged Boart Longyear Canada to conduct a 2,400 metre (m) Phase IIB diamond drill program on the company's 100%-owned Miller gold property located 1.8 kilometres (km) southeast of Kirkland Lake, Ontario.
The company noted that drilling is set to start in late September, with a focus on step-outs from the Phase IIA Allied Gold Zone high-grade gold-telluride intercepts, the No. 1 Vein historic resource estimate confirmatory, as well as step-out holes on the recently acquired and adjacent Searles property.
Northstar added that drilling to date along the Allied Deformation Zone has defined a broad alkaline intrusive-related gold system measuring more than 1.8 km in strike and 600m wide, with numerous near-surface one gram plus gold intercepts measuring 100m or more in drill core in the vicinity of the Allied Syenite.
READ: Northstar Gold seeing positive drill results as its hunt for large gold system in Kirkland Lake continues
The company also said channel sampling is ongoing and more than 250 samples have been submitted to the lab for analysis, with results to determine targets for Phase IIB drilling.
As well, Northstar announced that it has closed the second and final tranche of its previously announced C$2.5 million non-brokered private placement, raising a total of $1,676,220 in both tranches.
Gross proceeds from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses at the company's Miller gold property and Searles property, as well as its Bryce gold property situated 35 km to the southwest.
Proceeds from the non-flow through component will also be used for exploration work on the Miller and Searles properties and for general working capital purposes.
Northstar Gold is focused on advancing exploration properties in the prolific Abitibi Greenstone belt and Kirkland Lake district in Ontario. The company’s flagship asset is its wholly-owned Miller gold project, situated 18 km southeast of Kirkland Lake Gold's Macassa mine complex.
Contact Sean at sean@proactiveinvestors.com