Banks Island Gold has obtained assay results of 10 diamond drill holes out of 19 holes drilled at the Tel zone during December 2011. The company will release the remaining hole assays when received.
The focus of the diamond drill program was on the present Inferred Resource region located at the Tel zone. The company has intersected 64.4 g/t gold, 25 g/t silver, and 2.3% zinc over 1.3 m in BIG-11-13 and 20.7g/t gold, 55 g/t silver, 1.3% copper, and 12.0% zinc over 10.4 m in BIG-11-15.
According to Banks Island Gold’s Chief Executive Officer, Mr. Mossman, the latest Tel zone drilling has shown that considerable values of gold will be identified. The focus of the drilling will be to explore and extend the resources at the Tel zone. The company has found significant prospects and high-grade resources of gold at the Tel zone.
A 12.1 m long highly oxidized mineralization was cut in the hole BIG-11-24, including 1.5 g/t gold over 9.2 m in the footwall portion and 14.1g/t gold over 3.0 m in the hanging wall portion. An additional drill program has been planned in this region for finding the presence of an extension in the vein, identical to that identified in the hole BIG-11-15.
The company has intended to focus on the mineralized zone projection potentially towards depth. The Tel zone’s present resource is exposed at depth. This resource is outlined to 150 m depth beneath the surface. Diamond drill program is expected to begin shortly at the Tel zone.
Source: http://www.banksislandgold.com/