Banks Island Gold has obtained the assay results of eight holes drilled at the Tel zone during October 2011.
When the assay results are compared with drill core observations, high values of gold ranging from 15 g/t to 117 g/t are located, where huge mineralized sulphides exists in the Tel vein. Arsenopyrite, galena, pyrite, and sphalertite are included in the immense sulphide minerals. Large values of gold, lead, silver, and zinc were found in the mineralized cuts.
Banks Island’s President, Mr. Mossman, commented that the validation of the mineralization’s tenor and nature at the Tel zone is significant for the discovery of the company’s main gold deposit. The company has gained confidence by these primary intersections, as it shows the mineralization’s unique nature along with high values of gold present together with huge sulphides. During the recent VTEM geophysical survey, the Tel zone was identified as a conductor. This survey found new conductive anomalies with large size and conductance than the Tel zone anomaly.
The mineralized intercepts in the present Tel resource cut the zone at the anticipated site, which was dependent on the resource model. The company has planned for a continuous drill program at the Tel zone for targeting the mineralized zone’s potential outcrop to depth. The Tel zone’s present resource is exposed at depth. This zone is outlined to a depth of 150 m under the surface. The company may restart the diamond drill program at the Tel Zone at the earliest.
Banks Island drilled the hole 11-05 outside and above the Tel central zone’s present resource. It drilled the holes 11-06, 11-07, and 11-08 in the Tel Central current resource’s upper part. The drill hole 11-04 was at the western part of the present resource.
Agat Laboratories in Ontario conducted the analytical work.
Source: http://www.banksislandgold.com/