55 North Mining Starts Drilling on Last Hope Gold Project
55 North Mining Inc announced that it has mobilized a diamond drill rig at its high-grade Last Hope Gold Project in northern Manitoba, as it begins its first
exploration program on the property. Bruce Reid, President and CEO of 55 North stated: "I am excited to begin our drill program on the highly prospective Last Hope Gold Project. We have a two-pronged strategy to add ounces: by expanding the deposit currently comprising our resource estimate, and by drilling the highly intriguing potential parallel structures".
The fully funded USD 2.5 million (15,000 metres) diamond drill program is designed to: a) upgrade and expand the existing resource estimate (at a 3 g/t cut-off: Indicated: 154,060 tonnes grading 6.75 g/t for 33,458 ozs, Inferred: 872,977 tonnes grading 5.91 g/t for 165,812 ozs), and to b) drill two potential parallel mineralized structures similar to that hosting the current resource estimate.
Approximately one half (7,500 metres) of the budgeted drill program will potentially upgrade and expand the existing resource area. Drilling will focus on lower drillhole density areas, and on the down plunge extensions of the two existing high-grade ore shoots.
IP geophysics has identified two geophysical anomalies coincident with gold-in-soil anomalies, east of the current resource area. This could be indicative of parallel potential mineralized structures similar to the structure hosting the current resource estimate. Significantly, these potential mineralized structures are located upon topographical highs. 55 North plans to drill approximately 7,500 metres on these two drill targets.