Royal Fox Gold drills 1.45 g/t gold over 28 metres at Philibert, Quebec
Royal Fox Gold Inc. [FOXG-TSXV; HBEXF-OTC  ] reported assay results from the 2021 diamond drilling campaign and results from the 2022 campaign, presently in progress on the 100%-optioned Philibert gold deposit, 60 km southwest of Chibougamau, Quebec. In addition, the company announces that it has sold a non-core asset, the East Clavos property, located in the Timmins area, for cash consideration of $125,000.
Highlights included drill hole DDH PB-22-323B that returned 1.45 g/t gold over 28 metres, including 2.01 g/t gold over 10.0 metres from 372.0 to 400.0 metres in Red Fox zone. DDH PB-22-327A returned 2.20 g/t gold over 10.0 metres from 305.0 to 315.0 metres in the Arctic Fox zone. DDH PB-22-332 returned 1.17 g/t gold over 11 metres from 55.0 to 66.0 metres in the Corsac Fox zone.
DDH PB-22-325 returned 1.64 g/t gold over 5.3 metres from 23.8 to 29.0 metres in the Corsac Fox zone. DDH PB-21-318 returned 0.70 g/t gold over 19.0 metres, including 1.01 g/t gold over 10.0 metres from 133.0 to 147.0 metres in the Corsac Fox zone. DDH PB-21-318 returned 18.4 g/t gold over 1.5 metres from 163.0 to 164.5 metres in the Corsac Fox zone.
Simon Marcotte, president and CEO, commented: “We couldn’t be more excited with the course and pace of the current campaign as well as with the results received to date. We are looking forward to an extensive amount of results in the months ahead.”
Three drill rigs are currently operating on the Philibert property, with over 10,000 metres completed thus far in 2022 in 77 drill holes. The 12,000- to 15,000-metre drill program is designed to test the upper 200 metres of the three-kilometres strike of the Philibert deposit as well as deeper infill drilling and expansion at depth.
The company has contracted Goldminds Geoservices from Sainte-Foy, Quebec, to support and complete the resource estimation after results are received following the 2022 drill campaign.
The Philibert project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9 km from Iamgold’s Nelligan gold project which was awarded the “Discovery of the year” by the Quebec Mineral Exploration Association (AEMQ) in 2019.
To date, more than $10-million (historical value) has been spent on the Philibert project, with more than 60,000 metres of drilling completed. The company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert project is optioned from SOQUEM.