Prospector Metals Corp. (TSX-V:PPP, OTCQX:ETHOF) has reported encouraging drill results from its maiden program at the 118-square-kilometre (sq km) Toogood property on New World Island, Newfoundland.
The work comprised 26 HQ-size diamond drillholes for 2,064.5 metres (m) across the Quinlan, Titan and Sherwood zones.
At Quinlan, 19 holes were sunk, which extended the known surface expression of the dyke to 200m strike and 120m downdip. Mineralization remains open in all directions.
"The maiden drill program at Quinlan, Titan and Sherwood successfully intersected gold bearing altered and mineralized felsic dykes and quartz veins; an encouraging positive step forward for a project that has seen little systematic exploration in the past," said Jo Price, the company's vice-president (VP) of exploration in a statement.
"The depth and strike extent of the mineralized felsic dyke at the Quinlan Zone shows remarkable continuity.
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"We are eager to resume drilling to expand this exciting new discovery. Moreover, numerous outcrops of similar felsic dyke proximal to Quinlan have been identified that remain undrilled, and we are actively evaluating these new targets."
At Quinlan, results included an intercept of 3.65m at 23.9 grams per ton (g/t) gold from 4.75m depth. That included a length of 43.22 g/t of the yellow metal over 1.95m.
Six HQ drillholes totalling 1,056m were drilled at the Titan prospect and key results included 2.26 g/t gold over 4.55m from 101.25m depth.
Gold is hosted in complex quartz-ankerite vein sets within altered shale and greywacke and additional analysis is ongoing to better isolate the gold bearing structures identified on surface, said the company.
Just one hole, for 151m, was sunk at the Sherwood prospect to test a large arsenic soil anomaly at surface located along the Virgin Arm Fault.
Significant assays from the hold included 0.70 g/t gold over a length of 2.4 m from 18m depth, including 0.89 g/t gold over 1.4m.
"These initial results confirm the presence of gold within the Virgin Arm Fault system which can be traced for nearly 5 km across the Toogood property and represents a promising target for future exploration," Prospector said.
The firm is a Discovery Group Company with a business model focused on district scale, early-stage exploration of gold and base metal prospects to create shareholder value through new discoveries.
Its Toogood asset lies at the northeast extent of the Exploits Subzone (Dunnage Zone) of Central Newfoundland and is underlain mostly by the Ordovician Dunnage Melange and the Badger Belt.
The Exploits Subzone area trends 200km northeast/southwest across the island of Newfoundland, and hosts most of the significant gold deposits in the province including Marathon Gold's Valentine project which hosts 3.09 million ounces of measured and indicated (M&I) resources at a grade of 1.75 g/t.
Contact the author at giles@proactiveinvestors.com