Excelsior Prospect: Progress Report and Early Assays
Leviathan Gold Ltd. (TSX-V: LVX) reports steady progress at its Excelsior Prospect, where Phase 2 diamond drilling is underway. Core Prospecting Pty Ltd has completed 640.85 meters across five holes, and the first assays out of the lab are encouraging. Taken together, these early numbers build on the momentum from Phase 1 and help refine where to place the next round of drill holes.
Standout Intersections from the Latest Holes
Initial assays from the current program include several notable gold intervals. Hole EH030 returned 0.41 meters grading 6.3 g/t Au (grams of gold per tonne of rock), pointing to a possible continuation of high-grade material within previously mapped underground mine workings. Hole EH031 delivered two strong hits: 1.62 meters at 5.3 g/t Au and, within that zone, a higher-grade interval of 0.27 meters at 14.5 g/t Au. Results of this kind are consistent with the team’s geologic models and support the targeting that is guiding Phase 2.
Program Status and What Comes Next
The work at Excelsior forms part of a broader 4,000-meter campaign budgeted at approximately CAD$950,000. Leviathan and Core Prospecting are advancing step by step along the northeastern strike extensions tested during Phase 1, where high-grade gold was previously encountered. The near-term goal is straightforward: use drilling to locate additional mineralization along trend and at depth, then tighten up the model so follow-up holes have the best chance of success.
Geological Setting at Excelsior
Excelsior hosts structurally controlled gold mineralization concentrated in quartz veins. Historical records point to meaningful production, including grades up to 22 g/t Au between 1909 and 1915. That track record, while dated, provides a practical starting point for today’s work—mapping structures, tracing quartz veins, and checking historical workings against new data.
Model, Geometry, and Expectations
Current interpretations outline a mineralized zone that plunges to the northeast, made up of quartz reefs and related splay veins. This geometry helps explain where the gold sits and why certain holes hit while others skim the edge. As Phase 2 advances, each assay tightens the picture and informs the placement, azimuth, and depth of the next set of holes.
From the CEO
Leviathan Gold’s Chief Executive Officer, Luke Norman, commented: "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 Role and Earn-In
Under a Heads of Agreement (HOA) with Core Prospecting Pty Ltd, progress in diamond drilling translates into a substantial interest in the operational area, with the potential for increased equity as milestones are met. In practical terms, Core’s job is to deliver the agreed drilling benchmarks. Meeting those thresholds secures and can expand its stake in the project, aligning both parties around getting meters in the ground and data out of it.
Why This Update Matters
The intervals reported to date have drawn fresh attention to Excelsior. Investors and analysts are watching how Leviathan Gold sequences its drilling and how each hole feeds the model. If ongoing work continues to track the structures and reproduce grades in line with recent intercepts, the project’s appeal could grow accordingly.
Immediate Priorities for Leviathan Gold
Next steps are clear: maintain a disciplined drill pace, integrate each round of assays, and use that feedback to refine the geologic model. The plan remains to complete the planned 4,000 meters, concentrate on the northeastern extensions tested in Phase 1, and keep the focus on intervals that signal continuity of mineralization. So far, the trend is constructive.
Frequently Asked Questions
What do the latest assay results tell us?
They point to meaningful gold mineralization at Excelsior, including intervals such as 0.41 meters at 6.3 g/t Au in EH030 and 1.62 meters at 5.3 g/t Au with 0.27 meters at 14.5 g/t Au in EH031. In short, the grades support the current model and justify further drilling along the same structures.
How much drilling has been completed in Phase 2 so far?
Five holes totaling 640.85 meters have been drilled by Core Prospecting Pty Ltd as part of the Phase 2 program now in progress.
Which intercepts stand out from this round?
Hole EH031 delivered a highlight of 0.27 meters at 14.5 g/t Au, within a broader interval of 1.62 meters at 5.3 g/t Au. Hole EH030 also returned 0.41 meters at 6.3 g/t Au, indicating potential continuity near historic underground workings.
What’s the plan for the rest of the program?
Leviathan Gold intends to complete a 4,000-meter campaign, budgeted at approximately CAD$950,000, focusing on the northeastern strike extensions that performed well in Phase 1 and testing for additional mineralization along that trend.
Who’s carrying out the drilling, and under what arrangement?
Core Prospecting Pty Ltd is executing the diamond drilling under a Heads of Agreement, earning and potentially increasing its interest by meeting defined drilling benchmarks.
