Goldsource Mines has discovered more near surface gold with the first two drill holes of an ongoing exploration campaign at its Salbora gold target, 1.5 km northwest of its Eagle Mountain gold project in Guyana.
The two diamond core holes cut gold mineralization below a previously dug trench that returned 1.92 grams gold over 123 metres. The company estimates the target’s surface foot print is 500 metres long by up to 100 metres wide. It remains open in all directions.
Hole 52 at Salbora cut 2.82 grams gold over 17 metres from surface, including 7.47 grams gold over 5.5 metres from 14 metres downhole. Hole 53 cut 6.52 grams gold over 40 metres from surface, including 19.33 grams gold over 5.6 metres from 36 metres downhole.
The company drilled both holes from the same collar in opposite directions.
It intends to drill 1,500 metres across as many as 15 step-out holes at Salbora in the first half of 2019.
The company’s Eagle Mountain project contains 1.59 million indicated tonnes grading 1.45 grams gold for 74,000 oz. gold in saprolite and 2.3 million indicated tonnes at 1.52 grams gold for 114,000 oz. gold in fresh ores. It also contains 7.2 million inferred tonnes grading 1.32 grams gold for 306,000 oz. gold in saprolite and 13.43 million inferred tonnes at 1.13 grams gold for 486,000 oz. gold in fresh ores.
The company intends to table a prefeasibility study for Eagle Mountain in mid-2019.
Shares of Goldsource (TSXV: GXS; US-OTC: GXSFF) are currently trading at 13¢ with a 52-week range of 3¢ to 14¢. The company has a $28 million market capitalization.
This story first appeared on The Northern Miner.