this could be very good. lots of research to do, could easily endup being multi mill oz high grade. this is the first article i've read.
Gateway cuts Big Springs high grade (September 05, 2005) TEXT SIZE bigger text smaller text 2005-09-05
Vancouver -- Drilling on the Crusher target at Gateway Gold's (GTQ-V) Big Springs project in northeastern Nevada has delivered high-grade gold.
Reverse-circulation drill hole 166 intersected 41 metres from 40 metres below surface grading 4.18 grams gold per tonne, including 6 metres of 18 grams gold in the Crusher B zone. The hole was next to a historic hole by previous operator Independence Mining, since acquired by AngloGold Ashanti (AU-N), that returned 3 metres grading 16.9 grams gold.
The vertically drilled hole no. 172 on the Crusher A zone also cut significant intervals of the yellow metal, returning 7.6 metres averaging 28 grams gold. The hole was collared to test a previous hole by Independence Mining that intercepted 6 metres grading 19.9 grams gold.
"These initial results are highly encouraging in that they provide us with an orientation of the two zones and increase the Crusher target's importance as a potentially sizeable zone," says Gateway Gold President Michael McInnes.
Mining from 1987 through 1993 at Big Springs produced 386,000 oz. gold from several open pits. Since acquiring the project in 2002, Gateway has targeted potential high-grade gold in the known mineralized fault-structures beneath the old pits.
The company is also compiling its National Instrument 43-101-compliant resource estimate for Big Springs. Gateway is integrating results from over 30,000 metres of its drilling into the study, as well as data from two historic resource estimates. An estimate conducted by engineering firm Pincock Allen & Holt, before the days of NI 43-101, reviewed a resource of 4.7 million tonnes averaging 3.8 grams gold (using a 1.7-gram gold cutoff) for almost 580,000 contained ounces.
Gold at Big Springs occurs predominantly as Carlin-type sediment-hosted mineralization. Steeply dipping fault structures host the bulk of mineralization, exhibiting thickening and enrichment in association with secondary cross-faults.
KRE Price at posting:
6.3¢ Sentiment: Hold Disclosure: Held
