Bullion Gold (TSXV: BGD) has announced results from the first four drillholes of the validation campaign on its Terragold property in northwestern Quebec. The stock increased in early trading.
Highlights included hole TGNO-03 which returned 5.3 metres grading 3.43 grams of gold per tonne and TG-05 which returned gradings of 2.49 grams of gold per tonne over 8.4 metres, with a 1 metre stretch grading as high as 13.40 grams of gold per tonne. All four drillholes returned multiple intercepts greater than 1 gram of gold per tonne over 1 metre.
“The presence of shallow high-grade gold mineralization in a quartz-feldspar porphyry system, hosted within a major, deeply rooted Archean-age structural corridor of the Abitibi Greenstone Belt, bodes well for depth continuation,” said Simon Britt, Bullion’s president and CEO.
Located about 12 km south of the municipality of Senneterre, Quebec, Terragold’s main mineralization zone was discovered in the early 1960s. Over the following few decades, drilling took place at strike length of more than 2 km to a depth of about 250 metres. A historical 237 kg bulk sample grading 3.64 grams of gold per tonne confirmed the presence of gold mineralization at surface. Since 1984 limited exploration has occurred on the property.
“We are just getting started: assay results of the remaining 28 DDH will be disclosed in batches in the upcoming weeks,” Britt added.
Shares in Bullion gold rose 12.5% Wednesday morning in Toronto. The company’s market cap sits at $11.35 million (US$8.05 million).
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