Goldseek Resources Inc. [CSE-GSK, GSK.CN-CNSX, OSKKF-OTC] said Wednesday it is set to launch a 4,000-metre drill program at the Beschefer Project in Quebec. Drilling is set to begin during the first two weeks of February, 2022, the company said in a press release.
Goldseek shares advanced on the news, rising 4.2% or $0.005 to $12.5 cents. The shares are trading in a 52-week range of 31 cents and $0.095.
The Beschefer Project is located 30 kilometres southwest of Wallbridge Mining Co. Ltd.’s [WM-TSX, WC7-FWB] 100%-owned Fenelon gold property and has been described as Goldseek’s flagship project going forward.
Under an agreement with Wallbridge, Goldseek can earn a 100% interest in the project.
Goldseek can exercise the 4.0-year option by delivering on $3 million worth of work commitments and issuing 4.0 million shares.
“We are excited to start our winter follow-up drill program on the Beschefer Project, which has demonstrated size and grade potential,” said Goldseek President and CEO Jon Deluce. “We look forward to building on the success of our maiden drill program highlighted by 4.92 g/t gold over 28.65 metres, including 11.39 g/t gold over 9.1 metres, which is the second-best intercept on the property to date,’’ he said. “We have a catalyst packed 2022 with a goal of drilling 10,000 metres at Beschefer and targeting a maiden resource towards the end of the year.’’
Goldseek has budgeted approximately 4,000 metres of diamond core drilling for high priority infill and extension targets at its Beschefer Project along the Detour Gold Trend. The company is currently processing the final assays received from its maiden drill program and will provide full details on winter drill targets and an updated 3D model of the gold zones in subsequent news releases.
The Beschefer Project covers approximately 962 acres and is located in the Northern Abitibi Greenstone Belt, 14 kilometres east of the past-producing polymetallic Selbaie Mine, 45 kilometres northeast of the Casa Berardi Mine and 30 kilometres from Wallbridge’s Fenelon Gold property.
Historically, the area has mainly been explored for volcanogenic massive sulfide deposits similar to the Matagami camp and Selbaie Mine.
Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. and the Beschefer Project saw very limited exploration prior to the involvement of Excellon in 2011, which completed approximately 17,000 metres up to 2013. There has been limited exploration since 2013, with the exception of 1,600 metres drilled by Wallbridge in 2018.
Deluce has said he believes the Beschefer project harbours significant near-term resource potential. It is part of a portfolio that includes assets in Ontario and Quebec.