Gold developer First Mining has concluded its 2019/20 drill programme of 48 holes at the Goldlund project, which it is in the process of selling to fellow Toronto-listed gold junior Treasury Metals.
The company on Thursday announced the drilling results of five holes, which all encountered gold mineralisation. One of the holes intersected 173.8 g/t over 1 m – the highest-grade intercept of the programme.
First Mining CEO Dan Wilton said the programme was successful in further delineating the Main zone and followed on from the company's successful drill programme at its Miller prospect in 2018 and 2019. Both these campaigns had demonstrated the “exceptional” exploration potential at Goldlund, he noted.
“We look forward to seeing continued exploration successes under new management at Treasury Metals once the sale of the project is completed in mid-August.
“We are confident that the district-scale Goldlund-Goliath gold project, in which First Mining will continue to be a significant shareholder through our holdings in Treasury Metals, will develop into one of the most important gold projects in Ontario.”
Treasury is acquiring the issued and outstanding shares of Tamaka Gold, a wholly-owned subsidiary of First Mining that owns a 100% interest in the Goldlund project, located adjacent to Treasury’s Goliath gold project, in Ontario.