Gold Strike Resources reports 400m at 0.53 g/t gold at Florin
The first hole supports continuity within the resource footprint, but true widths remain unknown and assays from 10 holes are pending.
Mara Quinlan
Gold Strike Resources Corp. CVEGSR OTCMKTSGDSRF reported on Thursday that hole 26F-01 returned 400 metres grading 0.53 grams per tonne gold at its wholly owned Florin project in Yukon. The first result from its 11-hole program supports continuity within the resource footprint and indicates additional mineralization below historical drilling, the company said.
Shares were quoted at C$0.31 on the TSX Venture Exchange at 4 p.m. EDT on Wednesday, before Thursday's announcement, according to CVEGSR.
The main interval began 15 metres downhole and included 50 metres grading 1.07 grams per tonne. The hole followed the resource's long axis, and all reported intervals are downhole lengths because drilling is insufficient to determine true widths.
Assays from 10 holes remain pending following a 4,014-metre program completed by Sept. 24. Seven holes were designed to define or expand the resource footprint; four tested targets to its west and east.
The western exploration holes tested the Denari soil anomaly, while the eastern hole targeted Treadwell/Saddle about 400 metres from the resource footprint.
"These results are encouraging and support the continuity of gold mineralization within the existing resource footprint and indicate additional mineralization at depth," chief executive Peter Miles said in Thursday's release.
The higher-grade interval began at 236 metres. The strongest individual sample returned 11.5 grams per tonne over one metre; another returned 10.4 grams per tonne over the same length.
Thursday's release said samples were sent to an independent laboratory in Kamloops for fire assay. Samples exceeding 10 grams per tonne were reanalyzed with a gravimetric finish.
Below the main interval, the hole cut 32 metres grading 0.23 grams per tonne from 425 metres. A further 50 metres graded 0.27 grams per tonne from 476 metres.
An additional 39 metres graded 0.22 grams per tonne from 548 metres. Gold Strike said these deeper intervals encountered gold at depths historical drilling had not tested.
The company's Sept. 24 program update described a pit-constrained inferred resource containing 2.507 million ounces of gold. It reported 162.7 million tonnes grading 0.48 grams per tonne, using a cut-off of 0.30 grams per tonne.
Any expansion of that resource remains subject to the pending assays and an updated mineral resource estimate.
Read more: White Gold expands Golden Saddle core and extends VG drilling by 90m
Gold Strike's August investor presentation listed C$12 million in cash and described the 2026 work program as fully funded. That cash figure predates the Sept. 24 notice that drilling was complete.
Assays from 10 more holes were pending on Thursday, with Gold Strike's Sept. 24 update saying results would be reported when received.
