Banks Island Gold has reported that the company has obtained assay results of nine diamond holes drilled at the Tel Zone during February 2012.
The focus of the company’s diamond drill program was on the present resource expansion at the Tel zone. The company has encountered 50.8 g/t gold and 43 g/t silver over 3.0 m in hole BIG-12-29, 26.5 g/t gold and 13 g/t silver over 2.5 m in hole BIG-12-32.
The holes BIG-12-29 and BIG 12-32 cut the zone mineralization located beneath the Tel Central zone’s present resource at 145 m of depth under the surface. Banks Island intersected the mineralized zone, at this depth, to the footwall that may be associated to an alteration in the dip of the structure of the Tel Zone.
Mr. Mossman, Banks Island’s Chief Executive Officer commented that the recent drill program conducted at the Tel Zone has demonstrated the capacity to expand the present high-grade resource to depth. The company has planned to drill further holes in order to examine the Tel Zone at depth, after the completion of appraisal of the new drilling results.
The company identified a 3.5 m weak zone in the hanging-wall of the zone mineralization, resulting in near total core loss and failing to sample the Tel vein portion.
The hole BIG-12-33 was specifically designed as the Tel Central zone’s resource definition hole at 60 m depth beneath the surface and the hole BIG-12-34 examined the Tel Main zone under the present resource.
Source: http://www.banksislandgold.com/