55 North says Manitoba gold deposit continues to grow
55 North Mining Inc. [FFF/CSE] on Tuesday June 15 released assay results from 12 additional holes of an ongoing drilling at its high-grade Last Hope Gold Project in Manitoba.
Drilling highlights include 6.17 g/t gold over 8.0 metres in hole LH-21-20, and 4.08 g/t gold over 6.7 metres in hole LH-21-17.
“This round of drilling was designed to test the extent of high-grade mineralization down plunge and did not disappoint,” said 55 North President and CEO Bruce Reid. “The deposit remains open down plunge and along strike and continues to grow. We will release assay results from our drill program as they become available,” he said.
The Last Hope deposit is a lode gold deposit located in northern Manitoba, and is situated approximately 5 km south of the southern portion of the Lynn Lake Greenstone Belt within the Churchill Province of the Canadian Shield.
Gold mineralization occurs in association with sulphides within at least two shallow-plunging ore shoots in a northwest-southeast strike (for over 500 metres).
The Last Hope deposit is estimated to contain a NI 43-101-compliant indicated resource of 213,000 tonnes, grading 5.53 g/t or 37,966 ounces of gold. On top of that is an inferred resource of 1.1 million tonnes, grading 5.17 g/t or 184,120 ounces.
The project is located 20 km south of Alamos Gold Inc.‘s [AGI-TSX, NYSE] Lynn Lake project, which ranks as one of the highest-grade open pit gold deposits in Canada. Proven and probable gold reserves at the site currently stand at over 2.0 million ounces.
The drilling results reported on Tuesday are part of an exploration/development program designed to infill/upgrade within the existing resource estimate limits and secondly to expand the resource beyond the current limits of the existing resource.
Drill hole LH-21-20 is one of six holes (including 8,11,14,15 and 17) drilled to extend down plunge the high-grade shoot which was pierced by the previously announced hole LH-20-08, which intersected 19.25 g/t gold over 15.7 metres. All of the holes, with the exception of 15, returned mineable widths, the company said in a press release, Tuesday.
The company said a Phase 2 drill program will be planned once assay results from the remaining six holes from the fall 2020/winter 2021 drill program are received and analyzed. Assays are pending from six step out holes, which were drilled to test the continuity along strike to the southeast beyond the known resource. Should these holes provide favourable results, phase 2 will also include a continuation of this step out drilling.
On Tuesday, 55 North shares were unchanged at 13 cents and trade in a 52-week range of 23 cents and 10 cents.