TNM Drill Down: Best Gold Assays July 14-21

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TNM Drill Down: Best Gold Assays July 14-21

Heliostar Metals(TSX-V: HSTR) leads the week’s top drill assays, reporting its “longest, highest grade interval drilled” yet at its Ana Paula project in Guerrero state of southwest Mexico on July 18. Hole AP-23-297 returned 242 metres grading 9.06 grams gold per tonne from 32 metres depth for a width x grade value of 2,192. The hole was designed to test the up-plunge growth target in the deposit’s high grade panel, confirm the panel’s continuity of mineralization on a metre-by-metre scale, and add an east-to-west hole to the geotechnical program to identify potential unidentified faults to incorporate into the mine design. 

Ana Paula hosts proven and probable reserves of 14.1 million tonnes grading 2.38 grams gold for just over 1 million oz., according to a February 2023 preliminary feasibility study update. “Holes AP-23-297 and AP-23-298 are both respectively 33% and 38% increases relative to the current resource model prediction, at a >5 g/t gold cut-off grade,” said CEO Charles Funk. The explorer is planning to update the resource and later this year release a re-scoping study of Ana Paula that will seek to determine the most economical way of mining and processing ore at the project. A 3,000 to 3,600-metre drill program of up to 24 holes will support the re-scoping, to be followed by a feasibility study.

The week’s second-best assay came from the Yukon. On July 18, Snowline Gold (TSX-V: SGD) reported that hole V-23-036 drilled into the Valley target at its Rogue project returned 414.5 metres grading 1.53 grams gold from 4 metres depth for a width x grade value of 634.2. The hole extended the near-surface, multi-gram-per-tonne corridor at Valley by 75 metres to the southeast. Another hole, V-23-035, expanded the known mineralization to the western edge of Valley, returning 1.01 gram gold over 396.5 metres from surface. Located in eastern Yukon, the pre-resource Rogue property comprises a 112.3-sq.-km property. 

“The gold grades and continuity in V-23-036 add a large tonnage of potentially high-value rock to this zone, which remains open further to the southeast,” said Scott Berdahl, CEO of Snowline in a release. “This has strong favourable implications for a favourable strip ratio, low internal dilution, and of course overall gold content in any potential future operation at Valley.” Snowline has two drills conducting a 10,000-metre-plus drill program at Valley, with more than 8,000 metres completed across 18 holes drilled this year.

The third-best assay of the week came from First Majestic Silver’s (TSX: FR; NYSE: AG) Jerritt Canyon mine in northeastern Nevada. On July 18, the company reported that hole SMI-D04-EXP22-1094 in the Javelin target returned 61.2 metres grading 5.61 grams gold from 246 metres depth for a width x grade value of 343.3. Drilling is aimed at further defining mineralization near current underground infrastructure. SMI-D04-EXP22-1094 and another hole were drilled south of the mine connection drift at Javelin. 

In 2021, First Majestic suspended production at Jerritt Canyon in March 2023 due to cost challenges. It had acquired the project, which had been producing since 1981, in 2021. The company produced 68,567 oz. of gold at an average grade of 3.84 grams per tonne at the mine in 2021, and 72,483 oz. of gold grading about 3.42 grams per tonne in 2022. The 308.2-sq.-km project hosts 3.2 million tonnes grading 6.8 grams gold for 703,000 oz., according to a December 2020 technical report. 

“Successful drilling at the Javelin target at Jerritt Canyon has identified what appears to be another large, mineralized gold pod near underground infrastructure and further showcases the strong exploration potential in the asset,” said CEO Keith Neumeyer in a release.

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