Canadian Gold Resources (TSXV: CAN) has opened its maiden diamond drill campaign at the 100%-owned Lac Arsenault Project in Québec’s Gaspé Peninsula with a high-grade result from the first hole, returning 19.5 g/t gold over 1.0 metre in the Baker Vein.
The release marks the first assay results from the ongoing program and gives the company an early data point supporting its stated goal of testing mineralization beneath the planned bulk sample area of the Baker and Mersereau veins.
Canadian Gold said the Baker Vein is being drilled using a fan pattern of three holes per setup at 45°, 60°, and 70° dips, with five setups completed to date. The design is intended to evaluate vertical grade continuity and refine the interpretation of vein dip and strike.
“These initial results confirm the presence of high-grade gold mineralization within the Baker Vein system and support our objective of demonstrating vertical continuity beneath the historic workings. We look forward to reporting additional results as assays are received,” CEO Ron Goguen said.
The release also leans on historical estimates, as Canadian Gold cited a 1975 estimate by Stevenson of 40,000 tonnes grading 15.43 g/t gold and 197 g/t silver, and a 1996 estimate by Côté of 199,580 tonnes grading 9.59 g/t gold, or about 61,536 contained ounces of gold.
Canadian Gold Resources last traded at $0.14 on the TSX Venture.
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