Snowline Gold Corp. [SGD-CSE, SNWGF-OTCQB] on Friday released an update on exploration activities at its flagship Einarson and Rogue projects, which are located in the Canadian Yukon.
The company said the final two holes of an expanded 4,300-metre phase 1 drill program on Einarson’s Jupiter zone, intersected sulphide-bearing quartz carbonate veins in a 460-metre step-out, testing what may be a parallel structural corridor.
“Assay results from these holes are not anticipated for some time due to laboratory backlogs, but the company recognizes the presence of such mineralization to be a significant positive indication of the potential of the Jupiter zone,’’ Snowline said in a press release.
Snowline shares advanced on the news, rising 3.0% or $0.009 to 31.6 cents on volume of 111,490. The shares are currently trading in a 52-week range of 70 cents and 18.5 cents.
Snowline Gold is a Yukon Territory-focused gold exploration company with a seven-project portfolio covering 90,000 hectares. The company is exploring the 72,000-hectare Einarson and Rogue gold projects, which are located in the highly prospective, but underexplored Selwyn Basin.
Snowline’s project portfolio is within the Tintina Gold Province, which hosts multiple million-ounce-plus gold mines and deposits, including Kinross Gold Corp.’s (K-TSX, KGC-NYSE) Fort Knox mine, Newmont Corp.’s, [NGT-TSX, NEM-NYSE] Coffee deposit, and Victoria Gold Corp.’s [VGCX-TSXV] Eagle Mine.
Jupiter is thought to represent an epizonal orogenic gold system. It is one of nine target zones prospective for orogenic and/or Carlin-style gold mineralization currently recognized on Snowline’s 70%-owned Einarson project.
In an August 25, 2021, press release, the company said two distinct intervals of high-grade gold in hole J-21-011 indicated the discovery of a robust in-situ gold system at the Jupiter zone.
- 2 g/t gold over 6.5 metres, including 1.3 metres of 43.5 g/t gold and within 15 metres of 5.97 g/t gold.
- 4 g/t gold over 5.0 metres, within 12.5 metres of 5.35 g/t gold.
Hole J-21-011 represented a 710-metre step-out along trend from earlier holes at Jupiter. It was drilled on a pad along with holes J-21-010, 012 and 013. Assays results from the latter three were not available at that time.
Having completed the Phase 1 program at Jupiter, the company said it looks forward to returning to Jupiter next year.
Meanwhile, Snowline said the adjacent projects Rogue and Ursa properties are prospective for intrusion-related gold and sediment-hosted gold and base metal deposits.
The company said a 600-metre phase 1 program has commenced at the Valley zone on the Rogue project, located south of Einarson. This drilling targets intrusion-related gold mineralization in sheeted veining and gold-bearing structures within and around a newly-discovered intrusion that is thought to belong to the prolific Tombstone plutonic suite.