Snowline Gold drills 1.88 g/t gold over 418.3 metres at Rogue, Yukon, shares up
Snowline Gold Corp. [SGD-TSXV; SNWGF-OTCQB] reported preliminary assay results from the first hole of its 2023 drilling program at the Valley target on its Rogue project in Canada’s Yukon Territory.
Hole V-23-034, drilled to test the northeast margin of Valley’s near surface, well-mineralized corridor, hit the strongest gold grades sustained over >10 metres downhole intervals at Valley to date, expanding the known spatial extent of multiple-gram-per-tonne gold mineralization within the target intrusion. Three drills are currently active at Valley, with >5,800 metres of drilling and 13 holes completed on the target to date. Analytical results for all holes beyond V-23-034 are pending, with drilling ongoing.
Drill hole V-23-034 returned 418.3 metres of 1.88 g/t gold, including 216.0 metres of 3.08 g/t gold with 121.4 metres of 4.12 g/t gold.
“Our first drill hole of 2023 was drilled to test what we thought was the edge of a relatively high-grade gold corridor within the Rogue Project’s Valley intrusion,” said Scott Berdahl, CEO and director. “It ended up as Snowline’s second-best drill hole to date. The entire 418-metre hole is mineralized. The consistency of gold grades over large distances is remarkable. Internal intervals ranging from 15 to 25 metres in length bear higher gold grades than we have previously seen at Valley. These results highlight the discovery potential still present within and around the broad spatial footprint that we tested with sparse drilling last season. We eagerly await the many forthcoming analytical results from our ongoing drill campaign at Valley, in addition to stepping out to drill test additional intrusion-related gold targets on the broader Rogue Project over the coming weeks.”
The 10,000+ metre drill program at the Rogue Project’s Valley discovery is ongoing, with three drill rigs active on site. To date, >5,800 metres have been drilled on the Valley target in 2023, with 13 holes completed and an additional 3 holes in progress. Additional field crews are conducting surface programs on multiple targets across the Rogue Project, in preparation for 5,000+ metres drilling on multiple Rogue Project targets outside of Valley.
Analytical results for all holes drilled in 2023 following V-23-034 are still pending.
Outside of Rogue, a team of Snowline personnel has mobilized to the Company’s Tosh and Cliff Projects, which cover orogenic gold targets in the southwestern Yukon. The team will be completing prospecting and mapping work and setting drill collar sites for the drill testing of both projects, the first ever drilling on either of these greenfield gold projects.
The Valley target on Snowline’s flagship Rogue Project is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production such as Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system, present near surface across drill intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays within and along the margins of a one-kilometer-scale, mid-Cretaceous aged Mayo-suite intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until additional work is completed.
Snowline Gold is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >333,000 ha. The company is exploring its flagship >94,000 ha Rogue gold project in the highly prospective yet underexplored Selwyn Basin.
In early trading July 5, shares of Snowline Gold gained $0.17 to $3.92.