The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - November 4, 2024
A drill tests for gold and silver at Homestake Ridge prior to Dolly Varden's acquisition of the project.
Kitsault Valley covers a more than 10-kilometer-long trend of gold and silver deposits.
Dolly Varden Silver Corp. Nov. 4 announced that holes infilling a wide gap between previous drilling at the Homestake Silver deposit have cut broad sections of high-grade gold mineralization in this deposit at the north end of the company's Kitsault Valley project in Northern British Columbia.
"The identification of a gold-rich, wide and high-grade area within the Homestake Silver deposit is highly encouraging," said Dolly Varden Silver CEO Shawn Khunkhun.
Lying about 40 kilometers (25 miles) southeast of Stewart, B.C., the 63-square-mile (163 square kilometers) Kitsault Valley project is made of two adjacent properties – the Dolly Varden silver property on the south end and the more gold-enriched Homestake Ridge property to the north.
Four deposits associated with past producing mines on the Dolly Varden end of Kitsault Valley – Torbrit, Dolly Varden, Wolf, and North Star – host 3.42 million metric tons of indicated resource averaging 299.8 grams per metric ton (32.93 million ounces) silver; plus 1.29 million metric tons of inferred resource averaging 277 g/t (11.45 million oz) silver.
Homestake Ridge, which lies 5.5 kilometers (3.5 miles) northwest of the northernmost Dolly Varden deposit, hosts three deposits with 736,000 metric tons of indicated resource averaging 7.02 g/t (165,993 oz) gold and 74.8 g/t (1.8 million oz) silver; plus 5.55 million metric tons of inferred resource averaging 4.58 g/t (816,719 oz) gold and 100 g/t (17.8 million oz) silver.
Dolly Varden's 2024 program at Kitsault Valley included 31,726 meters of drilling – 15,545 meters on the Dolly Varden end of Kitsault Valley and 16,181 meters at the Homestake end.
Kitsault Valley covers a more than 10-kilometer-long trend of gold and silver deposits.
The latest batch of results from the 2024 Kitsault Valley drill program are from five holes targeting the plunge of a wide and high-grade gold zone within the Homestake Silver deposit, which hosts 3.35 million metric tons of the Homestake Ridge inferred resource averaging 3.13 g/t (337,013 oz) gold and 146 g/t (15.7 million oz) silver.
Dolly Varden first identified a zone of high-grade gold and silver mineralization at Homestake Silver with infill and step-out holes drilled last year. Highlights from the 2023 drilling at Homestake Silver include:
• 12.45 meters averaging 79.49 g/t gold and 60 g/t silver in hole HR23-389, including 0.68 meters averaging 1,335 g/t gold and 781 g/t silver.
• 57.7 meters averaging 2.68 g/t gold and 20 g/t silver in hole HR23-399, including 1.75 meters averaging 40.33 g/t gold and 418 g/t silver.
• 93.95 meters averaging 1.74 g/t gold and 213 g/t silver in hole HR23-416, including 9.16 meters averaging 13.16 g/t gold and 3,085 g/t silver.
This year's drilling is cutting similarly impressive gold mineralization. Highlights from the first five Homestake Silver holes drilled this year include:
• 48.23 meters averaging 8.85 g/t gold and 5 g/t silver in hole HR24-432, including a 0.54-meter bonanza-grade subsection averaging 701 g/t gold and 184 g/t silver.
• 100.8 meters averaging 4.64 g/t gold and 38 g/t silver in hole HR24-435, including a 0.97-meter subsection averaging 166 g/t gold and 675 g/t silver.
• 9.95 meters averaging 4.58 g/t gold in hole HR24-442, including a 1.69-meter subsection averaging 14.96 g/t gold.
"Our geological team is encouraged by overlapping mineralizing phases of silver and gold rich veins and breccias; the deposit remains open for expansion," said Khunkhun.
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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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