Fortitude Gold encouraged by drill results from lithocap target at East Camp Douglas, Nevada
Fortitude Gold Corp (OTCQB:FTCO) released positive results from an exploration drill at its East Camp Douglas property.
The Nevada-focused gold producer, developer and explorer targeted a lithocap formation at the site with the maiden drill program.
The lithocap is an expansive 1.5 kilometers (km) by 1 km geologic structure housing a potentially significant near-surface gold deposit. The drill registered 17.92 meters (m) grading 1.29 grams per tonne (g/t) gold and 6.10 meters grading 1.42 g/t gold.
READ: Fortitude Gold has five high-grade gold properties in Nevada, with strong production already coming from its Isabella Pearl mine
Fortitude also recovered gold rock chip samples from the lithocap’s surface that graded as high as 31 g/t gold.
“We are pleased to add to our understanding of the structural setting of this large lithocap target, and we are very excited to have intercepted attractive widths of significant gold in this initial drill program,” Barry Devlin, vice president of exploration said. “Similar large lithocap-related structures associated with gold have hosted substantial deposits around the world, like Yanacocha in Peru.”
This initial drill program consisted of eleven core holes into three small areas of the lithocap target.
In the statement, Jason Reid, CEO and president of Fortitude, said: “To have surface samples and now high-grade gold drill intercepts associated with our East Camp Douglas lithocap increases our chances of discovering a substantial deposit in this area. As I have stated before, we are swinging for a home run at the lithocap target and if we swing and miss, we will move to the high-grade gold veins located on the north end of the property.”
He went on to note that the company’s focus at East Camp Douglas has now morphed from structural reconnaissance to chasing known high-grade gold mineralization under the lithocap. As the firm’s geologist reported, the deep root structure and geological make up of the area is extremely promising for gold recovery.
Aside from the East Camp Douglas site, Fortitude owns four other gold properties.
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Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/951859/fortitude-gold-encouraged-by-drill-results-from-lithocap-target-at-east-camp-douglas-nevada-951859.html
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