Snowline Gold Corp has told investors that core cutting for drill core sampling in the Jupiter zone at its Einarson project in Yukon revealed two instances of visible gold, the first visible gold observed in the zone. The sampling in Hole J-21-020 is Snowline’s second discovery of visible gold in drill core on a previously untested target in two weeks.
The gold exploration company said additional visible gold has been observed in drill holes V-21-003 and 004 at its Rogue project, complementing previously observed trace visible gold mineralization in V-21-001 and 002.
At Ursa, an extensive aerial versatile time-domain electromagnetic (VTEM) survey has been completed across 439 kilometres, covering most of the claim block at 200 metres (m) line spacings in preparation for possible drilling.
READ: Snowline Gold reveals promising new drill intercepts from the Jupiter zone on its Einarson project
"This is icing on the cake for our successful Phase I drill program at Jupiter," CEO and director Scott Berdahl said in a statement.
"On September 3, we released a photo from this drill hole given the potential significance of intersecting mineralized quartz in such a large, blind step-out. I said then it was ‘almost as good as we could hope for.' With this visible gold, that ‘almost' can be removed,” he added.
Hole 20 joins a majority of the 21 holes drilled at Jupiter for which the company said it awaits assay results. Apart from its hole 11 ‘discovery hole,' which it said it rushed, it has yet to receive assays back from any of the largest quartz-arsenopyrite intervals it witnessed in holes 10 and higher.
“We expect a steady stream of assays back from these holes and from our drilling at Valley on the Rogue project over the coming weeks and months,” Berdahl said.
According to Snowline, Jupiter is thought to represent an epizonal orogenic gold system. It is one of ten target zones prospective for orogenic and/or Carlin-style gold mineralization currently recognized on the company’s 70%-owned, district-scale Einarson project.
Adjacent projects Rogue and Ursa are prospective for intrusion-related gold, and sediment-hosted gold and base metal deposits. No resources nor reserves have been calculated on any of these targets, and while current results are encouraging, they do not guarantee that economically viable ore bodies will be encountered at Jupiter or elsewhere.
Snowline cautioned that without assay results, the true significance of the intersections reported is uncertain.
Snowline Gold is a Yukon Territory focused gold exploration company with a seven-project portfolio covering more than 90,000 hectares. It is exploring its flagship 72,000-hectare Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin.
Contact the author at stephen.gunnion@proactiveinvestors.com