Mr. Cooper Quinn reports
DRILL ASSAY RESULTS FROM MITCHELL LAKE ZONE RETURN 9.26 G/T GOLD OVER 0.5 METRES AND A BROADER DISSEMINATED INTERCEPT OF 30.50 METRES GRADING 0.70 G/T GOLD
Osprey Gold Development Ltd. has released assay results from three holes drilled on the western portion of the Goldenville property in the Mitchell Lake zone. The company's Goldenville property is located in Guysborough county, Nova Scotia, and was the subject of the recently completed 3,044-metre diamond drill program. This release includes results for three holes totalling 435 m; all three holes hit multiple intervals of gold mineralization, characterized by both high-grade quartz-vein-hosted gold, as well as broad lower-grade gold intercepts with mineralized host rock and veinlets.
Highlights:
MIT17-01 intersected a broad zone of gold mineralization; 30.50 m of 0.70 gram per tonne gold, including 8.10 m of 1.10 g/t gold, and 9.40 m of 1.02 g/t gold;MIT17-01 also intersected high-grade mineralization, 9.26 g/t gold over 0.5 m;MIT17-02 intersected multiple zones of mineralization, with 23 per cent of the assay intervals returning between 0.50 g/t to 3.65 g/t gold;MIT17-03 intersected another broad zone of gold mineralization, with 25.10 m of 0.41 g/t gold, including 8.30 m of 0.89 g/t gold.
Company president Cooper Quinn said: "The results from Mitchell Lake continue to show the potential for broad zones of disseminated mineralization within the host rock on the Goldenville project. The Mitchell Lake area is large, with little previous exploration work, however limited prior drilling by a former operator included 1.33 g/t Au over 20.2 m in hole MIT-1. The potential for disseminated mineralization in the area has been known for some time as a report from 1898 in the Industrial Advocate indicates: 'In this vicinity are some of the largest low-grade belts of [mineralization] in the district, and as this class of mining will be eventually the mainstay of the gold mining industry in this province ...' We see these results as very encouraging for our model at Mitchell Lake, and are looking forward to following up on these high-grade veins and disseminated gold results with our 2018 exploration program."
The holes drilled at Mitchell Lake cover approximately 150 m of strike length, and are located roughly four kilometres from the centre of Osprey's current National Instrument 43-101 -- inferred resource of 2.8 million tonnes at 3.20 g/t gold for 288,000 ounces of gold (2.8 million tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped). Previous results from the resource expansion drill program successfully intersected mineralization outside of the exiting resource area, as previously reported by way of news releases dated Nov. 6, 2017, and Feb. 21, 2018.The Mitchell Lake zone remains open in all directions and at depth. More complete assay results from the program are available in the attached table, with collar location data included in the second table.
DRILL RESULTS FROM 2017 EXPLORATION PROGRAMHole ID From (m)To (m)Width (m)* Au (g/t)MIT17-01 115.35116.20 0.854.17MIT17-01 120.00120.60 0.601.52MIT17-01 126.80157.3030.500.70including129.50137.60 8.101.10and146.30155.70 9.401.02MIT17-01 146.30155.70 9.401.03incl 155.00155.70 0.705.17MIT17-01 168.50169.00 0.509.26MIT17-01 174.00174.50 0.501.36MIT17-0223.80 25.60 1.801.36including 23.80 24.30 0.503.65MIT17-0243.70 50.40 6.700.56including 45.20 47.70 2.501.21MIT17-0267.00 69.50 2.501.42MIT17-02 102.00102.50 0.501.87MIT17-0331.70 56.8025.100.41including 34.50 52.3017.800.50including 44.00 52.30 8.300.89* Core axis angles of the bedding planes vary but averageapproximately 45 degrees in MIT17-01, and 60 degrees inMIT17-02 and 03. DRILL HOLE COLLAR DATAHole ID LocationDepth (m)MIT17-1Mitchell Lake 178MIT17-2Mitchell Lake 151 MIT17-3Mitchell Lake 106
About Goldenville and Osprey Gold Development Ltd.
Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100-per-cent interests (subject to certain royalties) in all five properties, including the Goldenville gold project, Nova Scotia's largest historic gold producer. Goldenville hosts a current National Instrument 43-101 inferred resource of 2.8 million tonnes at 3.20 g/t gold for 288,000 ounces of gold (2.8 million tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, N.S. All five properties in Osprey's current portfolio have a history of high-grade gold production.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.