Stroud Resources and St. Andrew Goldfields have inked mutual agreement for termination of the previous option, which was given to St. Andrew by Stroud, in order to earn up to 60% of interest in the Hislop gold property, North Ontario.
According to the option contract terms, St. Andrew might have earned the Hislop property interest by increasing indicated and measured resources during exploration. St. Andrew drilled 6,894.85 m, totaling 12 diamond holes.
A mineralized system has been outlined on the property, through former drilling programs, over around 650 m of strike, and to about 400 m of depth. Drilling by St. Andrew vertically cut the mineralized system identified down to 480 m of depth. This mineralized system includes quartz veins that are trending towards the northwest, together with a dip of around 70° towards the south. The mineralized gold is related closely with grey veins and intersecting previous silicified volcanics and quartz vein.
Stroud re-logged the mineralized zones present in the holes, intending to include the geological data into the company’s database. These mineralized zones were sampled again in some cases to exactly reflect the mineralization’s nature.
The CEO and President of Stroud, George Coburn stated that the drill holes cut several zone mineralizations, returning positive assay results.
The mineralization’s down dip was extended to further 80 m, through the drill program. Stroud has planned to progress the project, by means of baseline environmental studies, metallurgical work and in-fill drilling, which have been specifically intended to lead to the project’s preliminary economic assessment.
Source: http://www.stroudresourcesltd.com/