Partners Tyranex Gold (TXGI-C) and Mill City Gold Mining (MIY-V) have released diamond drill results from the Tyranite mine property near Gowganda, Ont.
Each company owns a half interest in the project, which comprises 15 claims in Tyrell and Knight twps.
On Jan. 1, the partners launched a $600,000 drilling initiative based on a new geological interpretation of the Tyranite property, site of the past-producing Tyranite gold mine. The 13,000-ft. program is attempting to define expand minable reserves.
Current reserves stand at 60,000 oz. gold, with a drill-indicated resource pegged at 164,615 oz. gold in four zones of mineralization.
The first 12 holes confirmed the continuity and depth extension of the main lens to 1,239 ft. below surface (from 1,125 ft.), and the north lens to a new depth of 1,004 ft. below surface (from 675 ft.). The continuity of gold mineralization has been confirmed over a strike length of 1,400 ft. About 4,000 ft. of additional strike length remain to be tested.
In hole 91, which intersected 0.126 oz. gold per ton over 35.3 ft., the mineralized interval has been increased to 46.3 ft. Assays confirm additional mineralization from 1,167 to 1,178 ft. below surface, including 0.117 oz.
gold over 11 ft.
Tyranex reports that the 9-ft. intersection (from 1,211 to 1,220 ft.) in hole 91 appears to represent the peripheral edge of a new zone of mineralization parallel to known zones. The main Tyranite shear zone appears to be just one part of a large mineralized system.
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