The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - June 14, 2024
Visible gold observed in core at a depth of 298.4 meters in hole C24-01.
VG observed in core at a depth of 287.3 meters in hole C24-01.
STLLR Gold Inc. June 13 announced that the first 2024 hole drilled at Colomac Main cut strong gold mineralization at this hub deposit on the company's district-scale property in Northwest Territories.
Lying about 200 kilometers (125 miles) north of the Northwest Territories capital city of Yellowknife, Colomac is home to a former mine that produced more than 500,000 ounces of gold during the 1990s.
Prior to finalizing its merger with Moneta Gold Inc. earlier this year to form STLLR, Nighthawk Gold Corp. had built a large gold resource that supported a preliminary economic assessment for developing a mine capable of producing 290,000 oz of gold per year over an initial 11.4 years of operation.
This 2023 PEA envisions a hub-and-spoke style operation with the mill located near the Colomac Main deposit, which currently hosts the bulk of the resources, and would also process ore from several satellite deposits across the 947-square-kilometer (366 square miles) property.
According to the resource calculation that the PEA was based on, Colomac Main deposit hosts 60 million metric tons of open pit indicated resource averaging 1.45 grams per metric ton (2.8 million oz) gold and 11.07 million metric tons of open pit inferred resource averaging 2.33 g/t (830,000 oz) gold; plus 10.5 million metric tons of underground indicated resource averaging 1.73 g/t (583,000 oz) gold and 13.4 million metric tons of underground inferred resource averaging 2.03 g/t (872,000 oz) gold.
Four satellite deposits – Kim, Cass, Treasure Island, and Damoti – host 24.3 million metric tons of inferred resource averaging 2.17 g/t (1.69 million oz) of gold.
The Colomac Main deposit has been arbitrarily divided into six mineralized zones along a nine-kilometer- (5.6 miles) long mafic sill numbered from 1.0 at the north end to 3.5 at the south end.
STLLR's 2024 drilling is focused primarily on the three southernmost zones (2.5, 3.0, and 3.5) of Colomac Main, targeting areas where there is a lack of drilling information and has the potential to intersect higher-grade, open-pit gold mineralization.
The first hole of this program (C24-01) cut visible gold in Zone 2.5.
"Our exploration drilling continues to yield promising results," said STLLR Gold President and CEO Keyvan Salehi. "We intersected high-grade, coarse gold mineralization at the Colomac Main deposit in an area outside the estimated 2023 Colomac PEA pit-shell that had limited drilling data."
VG observed in core at a depth of 287.3 meters in hole C24-01.
From a depth of 271 meters, hole C24-01 cut 41.5 meters averaging 1.97 g/t gold.
STLLR also has drills turning at Tower, an advance-stage gold exploration project in Ontario with the capacity to produce 261,000 oz of gold per year over an initial 11 years of mining, according to a PEA completed in 2022.
"We anticipate receiving more exploration drill assay results from the Colomac Gold Project and the Tower Gold Project in the coming weeks. Stay tuned for further updates," said Salehi.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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