TNM Drill Down: Ontario, BC, deliver top gold assays for Jan. 27–Feb. 3
Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.
Canada produced this week’s top two drill assays. Moneta Gold (TSX: ME) reported on Jan. 31 that hole MGH22-321 at its Tower gold project near Timmins, Ont., returned 46 metres of 26.95 grams gold per tonne from 243 metres depth for a width x grade value of 1240. The hole included a bonanza intercept of 1 metre grading 1,228 grams gold per tonne. The drilling was part of the 76,000 metres of infill and resource upgrade drill program completed in 2022. The results come from the Windjammer deposit infill program, which confirmed the continuity and extensions of the current resource. The results include one of the highest-grade intercepts from the project yet, highlighting the potential for significant grades over good widths within the Sept. 2022 preliminary economic assessment-constrained open pit at Windjammer. The PEA on the Tower project outlined capex of $517 million for a 7-million-tonne-per-year processing plant. The project’s after-tax net present value, based on a 5% discount rate and a US$1,600 per oz. base case spot gold price, is $1.1 billion, with an internal rate of return of 31.7%. The company is confident further drilling could add to the mineral resource and expand the economic mine life of the project. The company expects to release another resource update ahead of a prefeasibility study in 2024.
Dolly Varden Silver (TSXV: DV) delivered the week’s second-best drill assay from its consolidated Kitsault Valley project in B.C.’s Golden Triangle. Hole HR22-333 returned 25 metres grading 46.31 grams gold per tonne from 117 metres depth, for a width x grade value of 1158. Dolly Varden reported on Jan. 30 that initial drilling at the Homestake Main deposit last year returned consistent mineralized intervals with some of the highest grades of gold with silver reported from the property to date, but also the entire Golden Triangle. The company drilled 41 holes for 10,472 metres at the Homestake Main deposit, 12 holes for 6,076 metres at the Homestake Silver deposit and three exploration holes for 1,900 metres along the Homestake Ridge Trend. The purpose was to expand the Homestake Main and Homestake Silver deposits, with results confirming several subparallel mineralized zones and potential to upgrade the inferred resources.
Alamos Gold (TSX: AGI) reported the third-best assay this week from its Mulatos mine in Mexico. The company said on Feb. 2 that hole 22MUL077 in the Puerto Del Aire (PDA) deposit had cut 26 metres grading 33.4 grams gold per tonne from 237.2 metres depth, for a width x grade value of 867. The company believes the results extended gold mineralization within a 200-metre gap between existing reserves and resources at the PDA1 and PDA2 zones, with ongoing drilling to close the gap. The results will be included in an updated development plan slated for release in the year’s second half.
