Gander Gold plans to drill Newfoundland project
Gander Gold Corp. [GAND-CSE, GANDF-OTCQB] said it is planning for the first ever drilling program a its Mount Peyton gold project in Newfoundland
The 956 square kilometre Mount Payton Project is strategically located between Sokoman Minerals Corp.’s [SIC-TSXV, SICNF-OTCQB] Moosehead gold project and New Found Gold Corp.’s [NFG-TSXV] series of high-grade gold discoveries to the east highlighted by the Keats, Lotto and Golden Joint zones.
Gander said it has carried out more work on the large Mount Peyton Project than any other company in Newfoundland exploration history, completing over 13,000 soil samples, airborne geophysical surveys, and structural analysis.
Results to date are extremely encouraging, significantly elevating Mount Peyton’s prospectivity within Gander’s pipeline of eight separate projects, the company said.
Gander Gold shares were active on the news, easing 5.5% or $0.01 to 17 cents on volume of 246,700. The shares are currently trading in a 52-week range of 40 cents and 10 cents.
Gander Gold is a Newfoundland-focused company. It is one of the island’s largest claimholders and is targeting new high-grade gold discoveries with a current emphasis on the large Gander North, Mount Peyton, BLT (Botwood-Laurenceton-Thwart Island) and Cape Ray II projects. Its pipeline also includes the Carmanville, Gander South, Little River and Hermitage projects.
The company has contracted the services of GroundTruth Exploration to conduct its soil geochemistry programs in Newfoundland.
The egg-shaped Mt. Peyton property is made up of a granite intrusive surrounded by gabbro. It is conceivable given the location of the property relative to recent gold discoveries within the Gander Gold Belt that the granite intrusive is a possible heat engine which provided an impetus for gold to remobilize in deep-rooted favourable structures, Gander Gold said in a press release.
“We will be focusing on our Mount Payton 2023 exploration at the Goldenrod and Golden Horseshoe zones,’’ said Gander Gold Vice-President, Exploration Ian Fraser. “Both areas are structurally significant and also very anomalous in Au-As-Cu soil geochemistry,’’ he said. “The project continues to surprise to the upside, so we’re excited to be closing in on drill targets.
Financier Eric Sprott recently raised his stake in New Found Gold after the company released results from an ongoing 200,000-metre diamond drill program at its 100%-owned Queensway Project, which is located on the Trans-Canada Highway, 15 kilometres west of Gander, Nfld.
Sprott beneficially owns 27.9 million New Found Gold shares, representing approximately 18.4% of the outstanding shares, up from a previous holding of 25.1 million shares or 16.8%.
The junior recently released impressive results from drilling on the Keats Zone at its Queensway Project in central Newfoundland.