Encouraging results have been encountered at Octan Resources’ (ASE) Bonanza silver claims in the Northwest Territories where the company is planning to take a 15,000-ton bulk sample to determine accurate mill grades.
Comprising 15 holes or 3,661 ft, it was designed to investigate the extent of alteration and mineralization on the property where more than 120 ft of metamorphosed siliceous sediment is known to exist.
According to Octan, silver mineralization is hosted by a stockwork of carbonate veinlets which appear to be confined to the zone of cloritization.
During the summer a surveying program outlined a magnetic horizon associated with the alteration zone and indicated that the horizon continues northwest under the Whale Lake where it changes strike and continues to the west northwest.
Results from a drilling designed to test a down-dip and along strike extension of the silver mineralization and to investigate adjacent magnetic anomalies indicate to Octan that silver is erratic in nature.
“This is a common feature of silver deposits and should not be construed as an indication of the lack of silver on the remaining property,” said President Martin Burger. Results from 15 holes included 8 ft of grade 133.4 oz silver per ton. A 1,500 lb bulk sample also assayed 352.6 oz silver.
It is recommended that a winter drilling program be conducted beneath Whale Lake and west of Whale Lake, Octan said.
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