Monday, 31st March 2008 (590 views)

An underground core drilling programme to define gold mineralisation at the Holloway-Holt gold property in Timmins, Ontario, has been completed it has been announced.

According to St Andrew Goldfields, which is developing the site, the drilling will help to better define the area's resources and provide greater confidence in future mineral estimates.

In addition to delineation core drilling, exploration drilling was also carried out on a 500-metre section between the Lightening and Blacktop zones. Further exploration holes were drilled to the west of Blacktop.

Results from these holes include intercepts of 23.62 g/t gold over 0.4 metres, 10.05 g/t gold over 3.6 metres, 6.08 g/t gold over 4.5 metres and 12.81 g/t gold over 4.8 metres.

To the west of Blacktop, an intersection graded at 230.06 g/t gold over 1.5 metres was made.

St Andrew president and chief executive Jacques Perron said he was pleased with the results of the delineation drilling.

"We are also very encouraged with the initial results from the exploration drilling that returned a number of interesting gold values," he added.


The Holloway-Holt project covers a total of 838 claims over 15,172 hectares stretching east of Matheson, Ontario to the Quebec border. It is currently estimated to contain approximately 1.06 million ounces of gold in indicated and inferred resources.

 

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