- Xali Gold (XGC) is reporting new gold-bearing quartz veins on the Victoria Property in central Newfoundland
- The veins occur within altered granitoid-type (felsic) rocks with bedrock samples returning 0.441 and 0.109 g/t gold
- The company will begin fieldwork in Q3 2021
- Xali Gold acquires gold and silver projects with near-surface exploration potential, near-term production potential and previous mining histories
- Xali Gold (XGC) is up by 7.69 per cent and is currently trading at $0.07 per share
Xali Gold (XGC) is reporting new gold-bearing quartz veins on the Victoria Property in central Newfoundland.
The veins occur within altered granitoid-type (felsic) rocks with bedrock samples returning 0.441 and 0.109 g/t gold. The veins are approximately 50 m from two high-grade heavy mineral concentrate (HMC) samples containing 10.45 and 66.7 g/t gold (Rubicon 2003).
The southern portion of the property is underlain by the footwall rocks of the Victoria Lake Shear Zone, which are host to several gold deposits.
The Rogerson Lake Conglomerate, which is a stratigraphic marker unit for orogenic gold mineralization at other locations, has been mapped across Victoria Lake a short distance from the Victoria Property.
The granitoid intrusives are interpreted to be fault bound, which is also a typical setting for gold mineralization regionally.
The company will begin fieldwork in Q3 2021.
Xali recently entered into an option agreement to acquire a 100 per cent interest in the Victoria Property.
Joanne Freeze, President and CEO of Xali Gold, commented,
“It is very exciting to discover that we already have gold mineralization in bedrock and many geological features typical of gold deposits in Newfoundland before we head to the field. Our first goal was to look for bedrock exposures and to identify the source of the gold in the HMC samples. Knowing the quartz veins contain gold mineralization is a great start.”
Xali Gold acquires gold and silver projects with near-surface exploration potential, near-term production potential and previous mining histories.
Xali Gold (XGC) is up by 7.69 per cent and is currently trading at $0.07 per share as of 9:30 am ET.
