Golden Dory Resources Corp and Metals Creek Resources Corp announce that the Phase 1 reconnaissance drilling program has commenced at the 371 claim Gabbro Lake iron ore project in the Labrador Trough. Golden Dory can earn a 70% interest in the project as announced on May 16 2012. The two companies will form an operating JV once Golden Dory has earned the 70% interest with Metals Creek holding the remaining 30%.
To date, one hole has been completed in the western portion of Anomaly D (GL12-01) and a second hole is currently in progress testing a separate lobe of the anomaly approximately 1 kilometer to the east of GL12-01. Diamond drill hole GL-12-01, the first ever drill hole to test Anomaly D, was drilled at a 45 degree angle to the northeast and intersected 56.34 meters of iron formation beginning at the overburden/bedrock interface at 5.32 meters down the hole, and continuing to 61.66 meters depth. The hole collared in iron formation at 5.32m near the centre of a discrete magnetic high anomaly and was terminated in argillaceous sediments at a depth of 137 meters.
The iron ore mineralization has been described as massive magnetite/hematite grading down hole to more rhythmically banded chert-magnetite iron formation. The intercept is dominated by the more massive style of iron mineralization. Detail logging and core sampling of GL12-01 is ongoing and results will be reported once received and compiled. The proposed 1200 meter program is expected to take several weeks to complete.
Diamond drill hole GL12-01 was positioned to directly test in situ mineralization in the north central portion of the western lobe of Anomaly D which had returned surface grab sample assays ranging from 27.19% Fe2O3 to 71.82% Fe2O3. It is worth noting that this portion of Anomaly D is relatively small in comparison to the overall size of Anomaly D and was selected for testing based solely on proximity to confirmed bedrock mineralization. The iron mineralization intersected in GL12-01 corresponded well with the airborne magnetic signature and suggests that thicker zones are possible in the immediate area considering the magnetics define a footprint measuring 500 meters in length and 200 meters in width within a much larger footprint of at least 3.0 square kilometers for Anomaly D. Prospecting other areas of Anomaly D in recent days has uncovered additional outcrops of massive magnetite/hematite that will require future testing. The current reconnaissance drill program was scheduled to test two of a total of four targeted magnetic zones however, it is becoming apparent that a much larger program is required and this short program may be limited to the anomaly D area for now.
Mr Kevin Keats President and CEO of Golden Dory said that "GL12-01 has confirmed a new and potentially significant iron ore discovery in one of the world's premier Iron Ore districts. This is a significant intercept given that no previous drilling has ever been completed on any of the four outlined target areas we have. We are approaching this phase of drilling very conservatively given the variable nature of the iron formations in the Labrador Trough. Once we get a better understanding of the complexities of our project, we will attack with a more robust program."
Source - Golden Dory Resources
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