Northstar Gold Corp revealed it was one step closer to achieving its strategy of defining an over one million ounce gold resource at its Miller project in Ontario, now that a new modelling study has been completed for the Allied and Vein 1 exploration targets.
The study was completed by Ronacher McKenzie Geoscience Inc and SRK Consulting Inc and shows that these targets remain open to expansion with potential to increase tonnage and gold grade by additional drilling.
The upper range estimate showed 7.67 million tonnes for 503,000 ounces of gold at a grade of 2.04 grams per ton (g/t) gold, while a lower range estimate showed 251,000 ounces from 5.6 million tonnes at 1.39 g/t gold.
READ: Northstar Gold kicks off borehole geophysics program on its Miller Gold property in Ontario
"The SRK Miller Gold Property Exploration Target Model Study is a milestone achievement for Northstar Gold Corp," Brian Fowler, the CEO of Northstar said in a statement.
"The company now has third party validation that the Allied Gold Zone and Vein 1 Zone have the potential to host significant near-surface gold resources with expansion potential. Northstar is one step closer to achieving our corporate strategy of defining a (more than) 1 million ounce gold resource at Miller," he added.
Fowler also highlighted that the exploration target study results cover less than 20% of the Miller gold project and did not include "numerous additional gold exploration targets and recent discoveries."
"Northstar is positioning to conduct additional drilling on the Allied, Planet and Meilleur Syenite gold targets in a Phase III program, with a focus on Allied Gold Zone expansion drilling."
The estimation results of the study were based on 130 of 471 holes completed on the Allied and Vein 1 Gold Zones so far. Both of these zones remain open at depth, along strike and down-dip.
Northstar said its phase III Miller gold property exploration plan is set to include a diamond drilling program with various aims, including to expand the allied bulk tonnage gold zone and expanding the Vein 1 South Zone in multiple directions.
Longer term, the firm says it plans to carry out additional exploration in the vicinity of the Planet and Meilleur Syenites where recent and historic drilling encountered highly anomalous gold values and several IP-RES anomalies remain untested.
Since 2014, Northstar has completed 14,988.5m of drilling at Miller in 71 holes, including 6,332m in 22 holes within the Allied Syenite to date.
Recent exploration and step-out drilling has encountered widespread anomalous gold values with multiple over 100 gram-metre gold intercepts.
Drilling in 2021 successfully doubled the volume of the Zone, which remains open at depth and along strike.
Northstar Gold is focused on advancing exploration properties in the prolific Abitibi greenstone belt and Kirkland Lake district in Ontario.
The flagship asset is its wholly-owned Miller gold project, which is a resource stage property 18 kilometres (km) southeast of Kirkland Lake Gold's Macassa mine complex.
Contact the author at giles@proactiveinvestors.com