In a news release, UrbanGold Minerals Inc. (UGM:TSX.V) and Argonaut Gold Inc. (AR:TSX) announced the start of a "line-cutting and surface geophysics program on the 50-50 joint venture, 8,642.8-hectare Bullseye property in preparation for ground geophysics." The companies indicated that the 36.8-km grid will encompass the bulk of the Cressida block, which is located within 14 km of the former producing Troilus Gold-Copper mine.
UrbanGold Minerals stated that in February 2020 it announced results from a small initial drill program that included a total of 369 meters of drilling in three separate holes where each hole successfully intersected a mineralized gold zone.
The firm explained that the wide gold-mineralized zone was originally drilled more than 30 years ago during the time that the nearby Troilus deposit was first discovered. The company stated that since that time no other drilling was carried out at this location until it completed its maiden drill program. UrbanGold reported that it estimates that the strike length at the Cressida Zone extends greater than 400 meters and is open in both directions and at depth.
The company said that following the completion of the line-cutting program it will proceed with two separate geophysical surveys. The first one calls for a deep penetrating induced polarization (IP) survey of almost all of the Cressida Block. The objective of this survey is to identify potential targets present along strike of the Cressida Zone and to verify if any parallel zones exist as drilling results suggested. The second will be a 3D IP survey over the Cressida Zone to help identify more precise targets for future drilling.
UrbanGold Minerals' President and CEO Mathieu Stephens remarked, "The size and geological context of the mineralization at Cressida shows many similarities with the nearby past producing Troilus gold mine, which is understood to be located along the same geological horizon to the northeast. UrbanGold, along with our partner Argonaut, are very eager to complete these high-resolution IP surveys quickly which will assist in identifying drill targets in a highly anticipated follow-up drill program."
The company indicated that the Cressida block property is readily accessible throughout the year and lies 14 km southwest of the past producing open-pit Troilus Mine, which produced 2 million ounces of gold. The firm advised that the Troilus Mine had been mined to a depth of at least 300 meters before being closed. The company noted that the site's key infrastructure is still largely intact onsite including a base camp, power line, 50MW substation, water treatment plant and permitted tailings facility.
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