The gold showing, known as the Big Pond occurrence, is situated about 6 km southwest of the main zone where underground exploration work is under way.
The drill program is designed to explore the recently discoverd Big Pond zone which has been traced over a strike length of 350 ft and is open to the north. The gold mineralization occurs in a shear zone associated with sulphide-bearing quartz veins. Assays of up to 0.45 oz gold per ton over 9 ft have been obtained in previous sampling.
Dolphin also reports it has decided not to extend an earlier option granted to Ardonex Resources, a private Newfoundland company. Ardonex had previously been granted an option to earn a 25% interest in the Cape Ray property for $5.6 million. However, Ardonex was unable to get the necessary funding to meet its commitment under the option. The two nominees of Ardonex have resigned from Dolphin’s board of directors.
The Cape Ray project is proceeding to final feasibility which is expected to reach completion by the end of the year, Dolphin said.
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