Nevsun Resources reported positive 2015 drilling results from its Harena mining license 10 km south of its Bisha mine and processing plant in Eritrea, East Africa. The company discovered volcanogenic massive sulphide mineralization at Harena in 2005 and as of February 2015 had outlined 3.2 million mt of indicated resources grading 0.8% copper and 3.8% zinc and 6.4 million mt of inferred resources grading 1.1% copper and 3.7% zinc.
The current Nevsun drilling program is defining three distinct high-grade zones of Harena mineralization: a Lower Zone of massive sulphides that is open at depth, an Upper Zone massive sulphide lens that is open on strike, and a stringer and stockwork enriched Gold Zone.
The drilling program has produced a Lower Zone intersection of 67.2 m grading 1.66% copper, 6.62% zinc, 0.41 g/mt gold, and 28 g/mt silver; an Upper Zone intersection of 18.5 m grading 0.63% copper, 5.70% zinc, 0.35 g/mt gold, and 28 g/mt silver; and a Gold Zone intersection of 11 m grading 7.49 g/mt gold and 171 g/mt silver.
Nevsun CEO Cliff Davis said, “We continue to have exciting results at Harena. The assays reported today demonstrate that the deposit is increasing in thickness and grade with depth as a core of high-grade mineralization is being outlined. We also continue to see the deposit growing along strike to the south. These new results bode well for significant further expansion of the resource at Harena.” (www.nevsun.con)
Detour Gold’s 2015 winter drilling program has confirmed the continuity of high-grade gold intercepts in the Lower Detour Lake area approximately 6 km south of the company’s Detour Lake mine in northeastern Ontario, Canada. Results from eight holes totaling 5,700 m intersected the mineralized zone at 150 to 200 m below previous drilling, with six of eight holes returning significant gold mineralization.
To date, the east-west subvertical 58N mineralized zone has been tested over a strike length of 450 m with 36 holes totaling 16,465 m. The higher-grade gold mineralization has been traced for 250 m along strike and from surface to a depth of approximately 550 m. The system remains open at depth and down plunge to the east.
Based on these encouraging results, Detour plans to complete a $5 million drilling program of approximately 50 drill holes totaling 30,000 m with three drill rigs during the summer of 2015. This infill program on a 50-m spacing is expected to be sufficient to assess the underground potential of zone.
Mawson Resources has drilled an intercept of 19.6 m grading 7.5 g/mt gold and extended the zone of high-grade gold mineralization at its 100% owned Palokas gold discovery in northern Finland. The gold mineralization remains open in all directions.
The drill results are coincident with a series of near-surface geophysical anomalies and form part of a 3.5-km target horizon within a broader 100-km2 district of gold mineralization. The mineralization is covered by thin glacial till and has an association with induced polarization and electromagnetic geophysical anomalies.
Mawson President and CEO Michael Hudson said, “The Palokas gold intersections are wide, high-grade, and near-surface, all providing motivation for our continued optimism for this exciting gold discovery. Mawson’s technical team is now planning follow up drilling along strike and down dip from these and other gold-mineralized drill results. In addition, a summer exploration program is being planned along the 3.5-km of prospective strike.”
Yamana Gold has entered into an agreement to acquire Mega Precious Metals in a shares-and-cash transaction that values Mega at about C$17.5 million. Mega is an exploration company, whose most advanced project is its Monument Bay gold-tungsten project in northeast Manitoba. The project has overall measured and indicated resources of 2.1 million oz of gold at a grade of 1.52 g/mt plus 248,000 metric ton units of WO3.
Mega Chairman Mario Stifano said, “We are very proud of the work that the entire Mega team has done on Monument Bay over the past four years. The Monument Bay project has grown into what we consider to be one of the best development assets in the industry, and we are proud to be part of this story.
“Our team has assembled a 338-km2, camp-sized land position, advanced the project to its current multimillion ounce resource, and formulated a regional geological and targeting model, including the realization of a potential tungsten byproduct. The acquisition by Yamana allows the work done on Monument Bay to continue unabated to the benefit of all stakeholders.”
