Goldseek Resources Inc. (CSE:GSK) has announced a 4,000-meter drill program at its Beschefer gold project in Quebec set to commence during the first half of February 2022.
The company noted it entered into an option agreement on the project, located approximately 30 kilometers southwest of Wallbridge Mining Company Limited (TSX:WM)’s Fenelon gold project, to earn 100% over four years from Wallbridge.
"We are excited to start our winter follow-up drill program on the Beschefer project, which has demonstrated size and grade potential,” Goldseek president and CEO Jon Deluce said in a statement.
“We look forward to building on the success of our maiden drill program highlighted by 4.92 grams per tonne (g/t) gold over 28.65 meters (m), including 11.39 g/t gold over 9.1m which is the second-best intercept on the property to date.”
READ: Goldseek Resources intersects more high-grade gold at the Beschefer project in Quebec
Deluce said the remainder of the maiden drill program consisted of low-grade with high-width intercepts, including 2.17 g/t gold over 13.2m, demonstrating the project's strong continuity and near-resource potential.
Goldseek said it has budgeted approximately 4,000m of diamond core drilling for high priority infill and extension targets at the project along the Detour Gold Trend. It is currently processing the final assays received from its maiden drill program and said it will provide full details on winter drill targets and an updated 3D model of the gold zones in subsequent news releases.
"We have a catalyst packed 2022 with a goal of drilling 10,000 meters at Beschefer and targeting a maiden resource towards the end of the year,” Deluce added.
Goldseek also announced that it intends to extend the expiration date of 952,500 warrants originally issued on February 14, 2020, pursuant to a non-brokered private placement.
The warrants are exercisable into common shares at a price of $0.13 per common share and currently have an expiry date of February 14, 2022.
It said it wishes to extend the expiry date of the warrants to February 14, 2024, with all other terms and conditions, including the exercise price, remaining the same. The warrant extension is subject to approval by the Canadian Securities Exchange.
“Goldseek has significantly advanced its exploration projects since going public thanks to these long-term shareholders and is of the opinion that an extension of these warrants is justified,” the company said.
The warrant extension is subject to approval by the Canadian Securities Exchange.
The Beschefer asset is an advanced gold exploration project in the Detour gold trend near Wallbridge Mining’s Fenelon gold project.
The company says the mineralization there shows high-grade gold-bearing structures hosted in a lower grade envelope, highlighting the regional potential along already defined shear zones.
Contact the author at stephen.gunnion@proactiveinvestors.com