Leviathan Gold's Excelsior Project Drilling Yields Promising Results
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Exciting Development at the Excelsior Prospect
Leviathan Gold Ltd. (TSX-V: LVX) is thrilled to share noteworthy updates regarding its ongoing diamond drilling activities at the Excelsior Prospect. Conducted by Core Prospecting Pty Ltd, a total of 640.85 meters has been drilled across five holes in Phase 2 of the project, showcasing promising assay results that could bolster the project’s potential further.
Highlighted Results from Recent Drilling
The initial results from this latest drilling initiative present some impressive intervals. Notably, hole EH030 returned 0.41 meters grading at 6.3 g/t Au, indicating a potential continuation of high-grade ore within previously mapped underground mine workings. Similarly, hole EH031 produced an impressive 1.62 meters at 5.3 g/t Au, along with a remarkable 0.27 meters at 14.5 g/t Au. These results not only align with core explorations but also validate the predictive models guiding the drilling strategy.
Current and Future Drilling Plans
Continuing the momentum, the drilling program is part of an extensive 4,000-meter campaign, with an estimated cost of approximately CAD$950,000. Leviathan and Core are diligently working together to explore the northeastern strike extensions from the first phase of drilling, which previously showcased high-grade scores. The drilling strategy is focused on uncovering additional mineralization, which could signal a significant finding for the company.
Understanding the Geology of the Excelsior Prospect
The Excelsior Prospect is recognized for its structurally controlled gold mineralization found within quartz veins. Past mining records indicate a rich history of gold production, which featured grades up to 22 g/t Au extracted between 1909 and 1915. This historical data provides a solid foundation for ongoing exploration efforts.
Technical Overview and Future Expectations
As the drilling progresses, geological interpretations suggest a northeastward plunging mineralized zone that consists of quartz reefs and associated splay veins. This insight continues to enhance the understanding of the geological framework and supports the pursuit of further drilling.
CEO's Perspective on Recent Developments
Leviathan Gold’s Chief Executive Officer, Luke Norman, expressed enthusiasm regarding the ongoing work, stating, "The visible success from Core's Phase 1's endeavors at Excelsior presents a favorable outlook. We cherish the synergy with Core's experienced team as we navigate through our extensive drilling campaign."
Core Prospecting’s Contribution
Under the Heads of Agreement (HOA) with Core Prospecting Pty Ltd, advancements in diamond drilling lead to a substantial interest in the operational area, with potential increased equity based on future developments. Core holds a strategic role in fulfilling the necessary drilling benchmarks to secure its stake in the project.
Excelsior's Potential and Market Impact
The promising intervals announced in the latest drilling results have generated an upsurge in interest around the Excelsior project. Investors and market analysts are keenly monitoring Leviathan Gold’s drilling strategy as continued efforts could reveal more substantial mineral resources, adding to the project's overall appeal.
Next Steps for Leviathan Gold
Looking ahead, Leviathan Gold plans to maintain rigorous drilling operations while integrating further technical assessments to validate geological models and refine exploration approaches. The present focus is strategically aligned to maximize the outcomes from prospective intervals, with encouraging results pointing towards favorable mineralization trends.
Frequently Asked Questions
What is the significance of the recent results from the drilling?
The recent drilling results at the Excelsior Prospect indicate promising gold intervals that could enhance the overall value of the project.
How many holes have been drilled in the current phase?
A total of five holes have been drilled during Phase 2 of the current operational undertaking.
What were the best grades reported in the recent assays?
Hole EH031 reported 0.27 meters at 14.5 g/t Au, showcasing high-grade potential.
What are the future plans following these results?
Leviathan Gold aims to continue drilling throughout the planned 4,000 meters, targeting additional high-grade mineralization along the northeastern extensions.
Who is executing the drilling operations?
The drilling operations are conducted by Core Prospecting Pty Ltd as part of their ongoing partnership with Leviathan Gold.
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