Huntington drills near Signature gold project
Huntington Exploration Inc. [HEI-TSXV] said Tuesday it has commenced drilling on its 100%-owned Winora gold project, which is located north of Red Lake, Ontario, immediately east of the historic Lingman Lake gold mine.
Huntington is a Calgary-based mineral exploration company with a focus on the Red Lake geological district, a region that is renowned for having one of the highest gold endowments in the world, boasting 30 million ounces of historic production, and exciting new deposits that are currently being found and developed.
Winora is located approximately 500 metres from the eastern edge of defined gold mineralization at Signature Resources Ltd.’s [SGU-TSXV, SGGTF-OTCQB, 3S3-FSE] Lingman Lake gold project, which hosts a gold mine that never reached commercial production and a historical resource of 234,000 ounces. Signature has said it hopes to announce a maiden NI 43-101-compliant resource this year.
The Winora property is on strike with the gold mineralization of the host geology of the Lingman Lake mine and remains underexplored for possible extensions of gold zones, the company has said.
Huntington’s 1,800-metre drill program will start with a fence of drill holes along the western claim boundary adjacent to the Lingman Lake gold-bearing vein trend. The company said surface mapping and prosecting at Winora has identified multiple 1930 to 1940 vintage hand-dug trenches following quartz veining extending from the Lingman Lake claim boundary well into the Winora property to the east.
Drilling is targeting the extension of the high-grade gold-bearing quartz veins in both the hanging wall and footwall of a series of east-to-west trending feldspar porphyry dikes discovered on the Signature side of the claim boundary.
Public information released by Signature suggests that the individual gold zones and quartz feldspar porphyry intrusions composing the Lingman Lake gold mineralization package, which has been drill tested to 280 metres in depth by Signature, may represent a minimum width of 150 metres.
Mineralization, which is open in all directions, is interpreted by the company to extend from the Signature property onto Huntington’s Winora property.
“The Winora property represents an excellent opportunity to follow on an expand upon the recent and historic exploration and development work completed on the Lingman Lake gold zones,” said Huntington President and CEO Bryan Wilson.
“This work indicates that the favourable geology of the Lingman Lake gold mineralization does not stop at the property boundaries, providing management with the confidence the mineralization extends into Winora.”
Wilson said Huntington is well funded for planned exploration activities with $8.2 million currently in the treasury.
Following the drilling program, Huntington will complete ground geophysics consisting of magnetics and induced polarization before a phase two drill program is launched.
Meanwhile, Huntington shares eased 4.8% or $0.015 to 29.5 cents in light trading volume Tuesday. The shares are currently trading in a 52-week range of 36 cents and 16 cents.