Mistango River Resources drills 0.75 g/t gold over 3 metres at Goldie, Ontario
Mistango River Resources Inc. [CSE-MIS] reported assay results from its phase II diamond drill program at its Goldie project in Thunder Bay district, northern Ontario.
Jamie Spratt, CEO, commented: “The goal of our program was to investigate the extensions of known mineralized structures from the adjacent Delta 1 project and new target areas on our property. From this perspective the program has been a success. We will evaluate these results in the context of all previous drilling at Goldie to assess the project’s most effective follow-up program. We remain in a favourable balance sheet position with working capital of $4MM. We continue to evaluate the most impactful opportunities to deploy our capital.”
Highlights: Three holes, totalling 1,487 metres, tested extensions of the adjacent Delta 1 project mineralization and new target areas. Notable intercepts included 0.95 g/t Au over 1.5m from 129m in GLD-24-002; 0.62 g/t Au over 2.5m from 136.5m in GLD-24-002; 0.47 g/t Au over 2m from 243m in GLD-24-003; and 0.75 g/t Au over 3m from 429m in GLD-24-003.
The Phase II drill program is partly funded by $200,000 grant from Ontario Junior Exploration Program through the Ontario Ministry of Mines.
The primary objective of the Phase II Drill Program
was to evaluate mineralization extensions of the adjacent Delta 1 Project and explore new target areas.
The program’s comprehensive planning involved detailed sampling, geophysical studies, and a thorough review of previous drill results within the district. Geophysical targeting was informed, in part, by a 420-line-km high-resolution airborne magnetic survey conducted by Mistango in 2023.
Hole GLD-24-002 targeted an area with previous drilling and high-grade sampling, correlating with interpreted structures from a previously completed magnetic survey. Additionally, this hole was drilled beneath an IP anomaly and returned 1.5m of 0.95 g/t Au from 129-130.5m and 2.5m of 0.62 g/t Au from 136.5-139m downhole.
Hole GLD-24-003 focused on an area with previous drilling and high-grade sampling, aligning with interpreted structures and geophysical anomalies and returned 2m of 0.47 g/t Au from 243-245m downhole and 3m of 0.74 g/t Au from 429-432m downhole
Hole GLD-24-001: A vertical hole strategically designed to assess north-dipping mineralization from the adjacent Delta 1 property. The hole did not intersect significant mineralization.
The Goldie Gold Project is within the Shebandowan Greenstone Belt, which also hosts Goldshore Resources Inc.’s [TSXV-GSHR]) low-grade, high-tonnage Moss Lake gold deposit, 50 km to the west. Goldie is also adjacent to Delta Resources Limited [TSXV-DLTA] Delta 1 Gold Property.
Mistango has a 100% interest in two prospective properties in Kirkland Lake, Ontario. The Omega Property is located in Larder Lake surrounded by MAG Silver’s Larder Lake property and on trend from the Kerr Addison mine that historically produced 11 Moz. The Kirkland West property is continguous with Agnico Eagle’s operating Macassa mine and exploration conducted on the property has shown that major structures, including the Amalgamated and Main Breaks, converge with the Cadillac-Larder Lake Break on the Kirkland West property. The company is also exploring at its Goldie project, 50km west of Thunder Bay, within the Shebandowan Greenstone Belt.