Key Gold Holding Drills Souart Gold Project, Quebec: Visible Gold in Quartz Veins
31 May 2011 - 11:35PM
Marketwired
Key Gold Holding Inc. (TSX VENTURE: KGH) ("Key Gold") is pleased to
announce it has successfully drilled 10 of 15 drill holes at the
Souart Gold Project. To date 2750 metres are complete. Assay
results for the first ten holes are expected shortly. Drilling
started in the East Zone and will end in the West Zone. The
remaining five holes will be drilled as soon as ground conditions
permit.
The objective of the drill program is to confirm and expand the
historical non-compliant gold resources and bring them to a 43-101
compliant status. Highlights of the historical drilling
include:
-- 564,000 tonnes grading 6.2 g/t gold (approximately 110,000 oz gold)
-- Four gold zones identified: East, Central, and West-New(i) Zones
-- Best intersections(ii):
-- West Zone - 0.30 m grading 120.69 g/t and 5.00 m grading 13.03 g/t
gold
-- New Zone - 0.50 m grading 17.83 g/t and 0.30 m grading 21.26 g/t
gold
-- Central Zone - 6.25 m grading 7.89 g/t gold and 1.01 m grading 39.77
g/t gold
-- East Zone - 1.00 m grading 5.49 g/t gold and 0.52 m grading 6.62 g/t
gold
((i)The relationship between New and West Zones is not yet
defined; New appears to be a subsidiary structure)
((ii) list of historical intersections is available in the KGH
NI43-101 Technical Evaluation Report on the Souart Property, May
2011 on Sedar)
The Souart Gold Project
Key Gold holds an option to earn a 100% interest in the Souart
Gold Project from Glen Eagle Resources (TSX VENTURE: GER). The
property consists of 56 claims (876 Ha) strategically located in
the vicinity of the Metanor Barry deposit (18 Mt containing 780,000
oz gold, 43-101 report 2011 on Sedar) located 100 km east of
Lebelle-sur- Quevillon in the Province of Quebec. Access to the
Souart Project is by a regional and lumber roads found throughout
the Urban-Barry greenstone belt.
The Urban-Barry greenstone belt area is the site of renewed
interest following the release of excellent drill results by Eagle
Hill Exploration Corporation (Eagle Hill) who reported 19.61 g/t Au
over 33 m (Eagle Hill news release of March 10, 2010) and Noront
Resources Ltd. (Noront) who previously reported grades of 800.1 to
1,792.9 g/t Au over 4.8 m (Noront news release of December 1, 2006)
and of 27.3 g/t Au over 14.4 meters (Noront news release of June 8
2006). This belt hosts a number of gold deposits including the Lac
Rouleau (Beaufield) and the Barry deposit (Metanor) both the
northeast.
On the Souart property a quartz veined corridor of alteration is
recognized at the contact between metamorphosed felsic tuff and
sediments. Within the alteration zone gold- bearing smoky-quartz
veins feature pyrite, pyrrhotite, chalcopyrite and observations of
visible gold mineralization. Corridor alteration comprises
tourmaline breccia and sericite schist: both are mineralized
although a broad halo of disseminated pyrite is also recognized
outside of the altered corridor.
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources. The issuer is not
treating the historical estimate as current mineral resources and
the historical estimate should not be relied upon.
About Key Gold Holding Inc.
Key Gold Holding Inc. is a mineral exploration company that is
mainly focused on the acquisition, exploration and development of
gold and copper properties.
Shares outstanding: 24,622,053
Forward looking Statement
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not
under the corporation's control which may cause actual results,
performance or achievements of the corporation to be materially
different from the results, performance or expectation implied by
these forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Louis Lessard President (418) 781-0272 (418) 650-4922
info@keygoldholding.com www.keygoldholding.com Ansacha Capital Inc.
Jean-Francois Lemay (514) 214-8388
Pangolin Diamonds Corporation (TSXV:KGH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pangolin Diamonds Corporation (TSXV:KGH)
Historical Stock Chart
From Jul 2023 to Jul 2024