Logan Resources Ltd (CVE:LGR) has reported encouraging results from its initial, eight hole, shallow drill program at the Brik gold property in Nevada.
Best of the results were in Hole 16-01, which intersected significant oxide gold presence near-surface with one interception of 33.53m grading 1.11 g/t gold.
Hole 16-02 also intersected heavily oxidized vein material at depth over 33.52m grading 1.15 g/t gold.
Logan has an option agreement with Pilot Gold to take 51% in four of nine properties in return for US$1mln worth of exploration and the issuing of shares equivalent to a 9.9% stake.
Eventually, Logan will be able earn up to 80% of the properties.
Brik lies in the Cedar Range of Lincoln County, Nevada and is one of several, low sulfidation epithermal gold and silver systems in south eastern Nevada that occur in an area of nested volcanic calderas.
Drilling was focused on the Hidden Treasure target and as well as the intersections recorded, an important result was the expansion of the permissive stratigraphy to the east said Logan.
These results are being incorporated into the existing 3D Leapfrog model and options for further exploration of the property are under consideration.
Story by ProactiveInvestors