Royal Fox Gold (TSX-V:FOXG) Inc has reported encouraging drill results from the northern part of the Arctic Fox zone at its Philibert project in Quebec, which, it says, will further add "significant" near-surface gold ounces to the resource.
The company has released results from eight holes, which tested the northern hanging wall contact of the Arctic Fox Zone over a 400 metre (m) strike length and up to 150m vertical depth.
Three of the best holes sit along a 150m strike length, highlighting the consistency of gold grade and widths of the Arctic Fox Zone, the company said.
"Combined with the recently released results from the southern portion, the Arctic Fox zone continues to demonstrate continuity and consistency just like the overall deposit, and add significant near-surface gold ounces, which are paramount factors as we aim to achieve strong potential economics in the future," said Simon Marcotte, the CEO of Royal Fox, in a statement.
READ: Royal Fox Gold says latest drilling at Philibert project will add 'significant near-surface gold ounces' to resource
Highlight assays included one hole, which hit 2.22 grams per ton (g/t) gold over 25.7 metres (m) from 92.3m to 118m depth. That included an intercept of 5.7m grading 6.02 g/t gold from 92.3m to 98m depth.
Another hole returned 1.75 g/t gold over 4.7m from 12.3m to 17m depth, which included 7.30 g/t gold over 1m from 13m to 14m depth.
Royal Fox Gold is an explorer focused on the development of the Philibert project near Chibougamau, Québec. The property lies 60 kilometres (km) southwest of Chibougamau and spans 5,393 hectares of highly prospective ground, 9 km from IAMGOLD's Nelligan gold project which was awarded the 'Discovery of the Year' by the Quebec Mineral Exploration Association (AEMQ) in 2019.
So far, over C$10 million (historical value) has been spent on the project and more than 60,000m of drilling completed.
Royal Fox aims to release a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data.
The project is owned by SOQUEM - a subsidiary of Investissement Québec and Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the company's website HERE.
Contact the author at giles@proactiveinvestors.com