NEWFOUNDLAND – NEW ISLAND RESOURCES of St. John’s, Nfld., has announced results of diamond drilling on the “North-South” footwall zone at the former Nugget Pond mine (formerly owned by RICHMONT MINES), on the Baie Verte Peninsula of northeast Newfoundland. Eight drill holes totalling 1,315 metres intersected the mineralized zone 50-100 metres vertically below the drilling that was carried out in 2000.
The “North-South Zone” is a minimum 100-metre strike-length gold-mineralized zone hosted by mafic volcanic rocks, which trends approximately 315 degrees and dips approximately 60 degrees west. The southern end of the zone lies within 50 metres of the northernmost mine workings of the Nugget Pond mine. Six of the eight holes intersected significant gold mineralization, with the best intersection 0.85 metre grading 29.2 g/t Au (not true width).
The mineralized, pyrite-rich zone has a true width estimated at over 5 metres, although the gold intersections to date have been narrow. Gold values are highly erratic and “nuggety”.
Drilling will recommence shortly on the North-South Zone and on other targets, and induced polarization surveys will be done east of the current drilling. Go to www.newislandresources.com for more information on the company and its properties.