Armistice tests potential of Virginiatown bet

Armistice Resources (ACI-T) continues to explore the potential of its Virginiatown gold property in northeastern Ontario.

Drilling this past summer was concentrated at or below the 2,250-ft.

level, generally at widely spaced intervals.

The Kerr formation and the Armistice and Sheldon sub-units (in which lenses of higher-grade gold mineralization occur) have now been traced over a strike length of 3,400 ft. and a vertical extent of 3,200 ft. Formational thickness is in the order of 500 ft., and the entire system dips to the north at minus 75.

Based on these observations, Armistice concludes that the down-faulted extension of the Kerr-Addison mineralized system does extend to depth within the Armistice property.

The company’s latest estimate of the in situ resource in the Armistice and Sheldon sub-units is 552,685 tons grading 0.194 oz. gold per ton, occurring in eight lens areas. The deeper Kerr formation is estimated to hold a resource of 1.7 million tons grading 0.21 oz. gold per ton to a depth of 4,400 ft. Drilling data for these depths are limited, yet Armistice officials expect additional holes will result in an increase in resource estimates.

The first of a planned series of deep holes to test formational continuity at depths in excess of 5,000 ft. below surface was undertaken in the shaft area. This hole was lost at 3,600 ft. prior to penetrating the targeted Kerr formation.