Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Goldsource Mines (TSXV:GXS) has posted assay results from one of four main drill targets at it’s Eagle Mountain Gold Project in Guyana
  • The Toucan Target has returned results over 66 metres at 1.35 grams per tonne of gold
  • Previous historic drilling on the Toucan target has returned 19.3 grams of gold per tonne over 22 metres
  • Three other targets at Eagle Mountain have been drilled with results pending; the Powis discovery, The Salbora deposit and the Friendly deposit.
  • Goldsource Mines (GXS) is trading up 8 per cent at C$0.14 per share with a market cap of $42 million

Goldsource Mines (TSXV:GXS) has announced the assay results from their drill program at the company’s Eagle Mountain Gold Project in Guyana.

The drill program focused on the Toucan Target, located within the north-south two kilometre mineralised structure that runs through the heart of the Eagle Mountain project.

Toucan has been the site of drilling in the past, previously returning results as good as 19.3 grams of gold per tonne over 22 metres.

Results from the four drill holes returned mixed results. One drill hole intersected 66 metres at 1.35 grams per tonne of gold and another over 35 metres which intersected 2.10 grams per tonne of gold.

The company believes the results indicate Toucan is 250 metres long by 20 to 40 metres wide, and could be connected with the Powis discovery 600 metres to the south within the Eagle Mountain property.

President of Goldsource, Yannis Tsitos, said that since discovering the Salbora deposit the company has focused on using historic drilling data and some geophysical mapping to prioritise drilling targets.

“This compilation had led to us to the Toucan Target with an initial near-surface drill hole intercept of 66 metres grading 1.35 grams per tonne gold in one drill hole and a 36 metre intercept grading at 2.1 grams per tonne gold in another drill hole.

“Before the suspension on April 6 due to the COVID-19 pandemic, several additional holes were completed at Salbora and Powis and initial drill results were obtained for the Friendly target…these will be announced after compilation over the next 6 weeks,” he added.

Goldsource Mines (GXS) is trading up 8 per cent at C$0.14 per share at 12:57pm EST.

More From The Market Herald

" Summa Silver (TSXV:SSVR) upsizes private placement

Summa Silver Corp. (SSVR) has upsized its brokered private placement offering for gross proceeds of up to $10 million.
Novo Resources

" Novo (TSX:NVO) receives high-grade assays from Parnell-Vulture Trend

Novo Resources Corp. (NVO) has provided updates on the Parnell-Vulture trend on the Nullagine Gold Project in Western Australia.

" K2 (TSXV:KTO) appoints Anthony Margarit as President and Director

K2 Gold Corporation (KTO) has appointed Anthony Margarit to join K2 as President and Director.
Advance United - David Boulette, Board member

" Technology veteran David Boulette appointed to Advance United’s Board of Directors

Advance United Holdings Inc. (AUHI) has appointed veteran David Boulette to its Board of Directors.