Eagle Plains Resources (EPL.V) and its joint venture partner SKRR Exploration (SKRR.V) have announced more assay results from a recent drill program on the Olson project in Saskatchewan. SKRR is currently earning a 75% stake by completing C$3M in exploration expenses and making payments in cash and stock to Eagle Plains and the company hasn’t wasted any time as it started a drill program pretty much right away.
When the first drill results came out in February, we were particularly intrigued by the assay results of holes 4 and 5 which were drilled at the Point prospect with hole 4 containing 39.8 meters of 1.09 g/t gold with the mineralized interval pretty much starting at surface. According to the drill schedule, hole 6, 8 and 18 would be of particular interest as hole 6 was drilled east of holes 4 and 5 while hole 8 was drilled towards the south and hole 18 was drilled towards the north, as you can see on the image below.
According to the assay results, those three holes indeed contained more gold but the grade was lower and the interval wasn’t as thick as the excellent result in hole 4. As you can see below, hole 6 intersected 5.49 meters of 0.53 g/t gold while hole 8 contained a similar grade over an interval of 11.5 meters. Hole 18, which was drilled on the other side of the water body encountered almost 6.5 meters of 0.77 g/t gold. According to the joint venture partners, hole 18 did not intercept the centre of the chargeability anomaly and we would expect SKRR to drill a few additional holes to chase thicker zones of mineralization.
The Point prospect remains interesting. The additional drill results clearly indicate there’s more than just a sniff of gold there, but obviously more drilling will be needed to figure out of the gold zones form a coherent area and if the average grade could make the zone economically viable.
Of course, the Point area is just one of the many drill targets on the Olson project and the recent assay results encountered almost 20 meters of 1.19 g/t gold on the Olson zone (what’s in a name), but the mineralized interval only started about 130 meters down-hole.
A follow-up drill program is currently underway as the first pass drill results definitely warrant to be followed up on.
Disclosure: The author has a long position in Eagle Plains. Eagle Plains is not a sponsor of the website, but sister company Taiga Gold is. Please read our disclaimer.