MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF). announced that it has completed a total of 5,730 metres (m) of diamond core drilling of its first-quarter winter program on its La Ronge gold properties in Saskatchewan using two rigs.
The Canadian mineral exploration company focused on gold exploration projects in the prospective La Ronge Gold Belt, reminded investors that the program concentrated on its North Lake deposit where 4,123.5m of diamond drilling was completed in 34 drill holes.
Preliminary assay results from five of the 34 holes from the North Lake drilling include 99m grading 1 gram per tonne (g/t) gold, including 25m of 1.88 g/t gold in drill hole NL21-073, 84m grading 0.61 g/t gold, including 14m of 1.3 g/t gold in drill hole NL22-074, and 29.2m grading 0.99 g/t gold in drill hole NL22-075.
READ: MAS Gold finalizes acquisition of Preview SW gold property from Comstock Metals Ltd
In addition to the 4,123.5m drilled at North Lake, MAS said the winter drilling program included 772 meters drilled at the Point deposit on Ramsland Lake with four drill holes. The company also completed 996m of drilling in four holes at its recently acquired Preview SW gold deposit.
“Based on the geological logging of the drill holes to date from the winter drilling program as well as historical drill results obtained at Preview SW, MAS Gold expects to provide an updated and revised and enhanced resource by the fall of this year,” it said in a statement. “The company's objective is to define a sufficient gold resource over the course of the next couple of years to support a production decision.”
MAS said its current core exploration targets include:
- Greywacke Lake Project
- North Lake Project
- Point Project (Ramsland Lake)
- Preview SW Project
- Contact Lake Project
Numerous exploration targets present on the extensive property require follow-up investigation utilizing a comprehensive database that will support further exploration and development, the company said. In total, it said 43 diamond drill holes totaling 5,891.5m of diamond drilling was completed during the 1Q winter program.
“MAS Gold expects results from its winter drilling program to come in consistently over the coming few months, with results to be released as the assays are completed, received and analyzed,” the company added.
MAS also announced that it expects that in the next few weeks Eros Resources Corp. (TSX-V:ERC) will have earned a 17.5% interest in its Preview-North, Greywacke Lake, Contact Lake, Elizabeth Lake and Henry Lake properties, totalling an area of approximately 33,860 hectares subject to certain existing royalties. That’s after Eros Resources fully funds $3.5 million in exploration expenditures on those properties.
Additionally, the company said David Tupper resigned as its vice president of exploration as of March 28, 2022 to pursue other opportunities. Chief geologist Darren Slugoski, who has over 10 years of experience in mineral exploration in Saskatchewan, including the La Ronge Gold Belt and the Athabasca Basin and has been involved with MAS Gold since January 2021, will take on Tupper’s role and responsibilities, it added.
MAS Gold operates four properties in the the geologically prospective La Ronge gold belt of Saskatchewan, including the Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake projects.
Contact the author at stephen.gunnion@proactiveinvestors.com