Damara Gold drills 39.2 g/t gold over 3 metres at Placer Mtn, British Columbia
Damara Gold Corp. [DMR-TSXV; SLMZF-OTC] confirmed a new high-grade gold zone at its Kodiak zone prospect, located on its Placer Mountain project south of Princeton, southern British Columbia. The project is held by a joint venture of 75% Damara and 25% Universal Copper Ltd. [UNV-TSXV; ECMXF-OTC; 3TA-FSE].
The company rushed the processing and assays for hole KZ-21-05 which intersected 3.0 metres of 39.2 g/t gold and 80.4 g/t silver within a new orogenic-style vein system discovered through reconnaissance soil sampling and trenching in 2021.
The true width of the vein is unknown at this time, due to the broken and weathered nature of the recovered core, but high angle fractures suggest that the reported interval may be near to true width. The new gold system is characterized by quartz-sulphide veins hosted within a clay-sericite altered intrusive unit, near the contact with Nicola Group volcanic and sedimentary rocks. Quartz-sulphide veining was intersected in all eight holes, revealing several parallel near surface veins for which assays are pending.
Larry Nagy, CEO, commented, “Our maiden drill program has now confirmed the presence of a second potentially large orogenic gold system at Placer Mountain. The Kodiak Zone appears even more robust than the Main Zone, delivering the highest-grade gold ever intersected in drilling on the project. The new system was discovered by systematic soil sampling and trenching along strike of the Main Zone, and our maiden drill program has now verified the high-grade nature of the veins trenched on surface. Our drilling has intersected significant quartz-sulphide veining in all holes, revealing a robust mineralized system, of which we have only just scratched the surface. We look forward to releasing assay results for the remaining drill holes, for which we expect assays very soon.
“We are very pleased with the progress made on the project since the first ever hole drilled in December of 2020. In just a single year, our drilling has now expanded the Main Zone and unveiled a major new gold occurrence at the Kodiak Zone. We expect 2022 to be an even more momentous year for the company as we continue building on Southern BC’s newest orogenic gold discovery.”Larry Nagy, CEO, commented, “Our maiden drill program has now confirmed the presence of a second potentially large orogenic gold system at Placer Mountain. The Kodiak Zone appears even more robust than the Main Zone, delivering the highest-grade gold ever intersected in drilling on the project. The new system was discovered by systematic soil sampling and trenching along strike of the Main Zone, and our maiden drill program has now verified the high-grade nature of the veins trenched on surface. Our drilling has intersected significant quartz-sulphide veining in all holes, revealing a robust mineralized system, of which we have only just scratched the surface. We look forward to releasing assay results for the remaining drill holes, for which we expect assays very soon.
The company has noted strong similarities to the drilling at Gold Mountain Mining’s. Elk deposit which recently began commercial production on an orogenic gold system just 76 km to the north of Placer Mountain.
Damara has staked additional ground along this important geological structure, adding several km of untested strike length to the north of the Kodiak Zone. The company also plans to carry out a large geochemical program to the south of the Main Zone as well, along the newly realized important structural control, which has never before seen exploration.
The company is currently planning it’s 2022 exploration program for Placer Mountain, which will be focused on extending the orogenic gold system at depth and along strike at both the Main Zone and the Kodiak Zone. The program will also involve further soil sampling along the important Nicola Group-Jurassic Intrusive contact; a newly recognized structural control on emplacement of vein systems. Up to 20 km of untested strike will be sampled to the north of the Kodiak Zone, south of the Main Zone and between the two zones, to explore for additional high-grade orogenic gold veins.