Northstar Gold Corp has announced the completion of the Phase IIB diamond drill program on its 100%-owned Miller gold property near Kirkland Lake, Ontario, which consisted of 2,495 metres (m) drilled in 14 holes.
The company said Phase IIB Allied Syenite drilling intersected visible gold, tellurides and chalcopyrite over “appreciable widths” in drill holes MG21-63, MG21-64 and MG21-65 along a possible 180m northwestern extension of the near-surface Allied Syenite Bulk Tonnage Gold Zone.
Northstar noted that while assays are pending for these drill holes, drilling indicates the presence of a significant near-surface bulk tonnage gold zone.
READ: Northstar Gold reports encouraging finds from latest drilling at Miller gold project
It added that six holes tested the Allied Syenite Gold Zone extensions, two holes tested the recently-discovered E Zone, and six holes were designed to upgrade a historic resource estimate on the recently-acquired Searles property.
As well, the company said it has closed a $500,000 bought deal private placement, consisting of 2,083,334 flow-through company units priced at $0.24 per unit.
Proceeds from the offering will be used to incur eligible Canadian Exploration Expenses at Northstar Gold’s Miller gold property, recently-acquired Searles property, and Bryce gold property.
The private placement was comprised of one flow through common share plus one-half of one non-flow through share purchase warrant, with each full warrant exercisable for one non-flow through common at an exercise price of $0.37 for a period of 24 months from the closing date of the offering.
The company said it paid a total of $40,000 in finders fees associated with the offering and issued 166,667 finder warrants at an exercise price of $0.24 and expiring 24 months from the closing date of the offering.
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, which is a resource stage property 18 kilometres southeast of Kirkland Lake Gold's Macassa mine complex.
Contact Sean at sean@proactiveinvestors.com