MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) has revealed the final drill results from its winter drill program at the La Ronge gold belt in Saskatchewan that demonstrated strong upside potential on the property.
Results from the 30 remaining diamond drill holes included a high-grade gold intercept at the North Lake deposit of 8.79 grams per tonne (g/t) gold over 3 meters (m) – one of the highest assay results ever recorded, MAS Gold said.
The majority of holes were drilled at North Lake, with four holes each drilled at the Point and Preview SW deposits.
READ: MAS Gold encouraged by early drill results from North Lake deposit in Saskatchewan
Drill hole NL22-101 at North Lake confirmed the extension of the deposit and intersected another encouraging result of 7 g/t gold over 1m. The company said it is planning further evaluation of NL22-101 to assist in developing an exploration strategy to follow up the high-grade results.
Additionally, the systematic infill drill program successfully intersected near-surface gold mineralization, less than 50m below surface, and returned a substantial number of drill core intervals with results above the cut-off grade of the current North Lake resource model, MAS added. Data from these results will be used to upgrade the North Lake deposit resource model with a focus on near-surface mineralization with open pit potential, it said.
Positive results from Point and Preview SW deposits
Meanwhile, at the Point deposit, results indicated an extension of the deposit by an estimated 295m to the south as well as a down-dip extension of the deposit. Highlights of the results from the four drill holes include an intersection of 3 g/t gold over 4.9m, including 6.65 g/t gold over 0.8m, 295m along strike to the south of the historic drill hole RM85-019.
At Preview SW, drill hole PR22-188 intersected multiple mineralized zones at depth highlighted by 13.4 g/t gold over 1.55m, 8.85 g/t gold over 0.7m and 9.47 g/t gold over 1m.
“The results from the Point deposit demonstrate a strong potential for a significant upside with 295m of untested ground between the southern edge of the Point deposit and drill hole RM22-060,” MAS Gold chief geologist Darren Slugoski told shareholders in a statement.
“The Preview SW deposit continues to be an integral spoke demonstrated by the gold grades intersected in PR22-188. Results from these thirty holes in the winter program at North Lake deposit, Point deposit and Preview SW property have exceeded our team's expectations as they help sling-shot MAS into further developing the hub and spoke model," he added.
Restarting prefeasibility study in 2023
MAS Gold CEO Jim Engdahl told investors that the drill results will allow the company to move towards restarting the prefeasibility study in 2023.
“Our North Lake deposit continues to demonstrate feasibility of being the hub in MAS Gold's hub and spoke model along with the Preview SW deposit and the Contact Lake mine being the primary spokes. Management is extremely pleased with this latest round of thirty diamond drilling results," Engdahl said.
The firm also said that its summer exploration program at North Lake was successful in identifying and sampling the felsite unit up to 500m along strike to the northeast of the deposit.
Saskatoon-based MAS Gold operates six properties in the La Ronge gold belt, including the Preview-North, Greywacke Lake, Preview SW, Contact Lake, Elizabeth Lake, and Henry Lake Properties totalling 35,175.6 hectares.
Contact Angela at angela@proactiveinvestors.com
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