S2 Resources encounters high-grade gold at Nanook

/in /by

THE DRILL SERGEANT: S2 Resources (ASX: S2R) has completed a round of infill aircore drilling of a gold bearing gravel layer at the Nanook palaeochannel, located in Western Australia.

S2R claims the drilling has verified the continuity of gold mineralisation previously identified in wider-spaced drilling by Sirius Resources, and has also defined a coherent subzone of high-grade gold in gravels at the base of this palaeochannel.

The drilling also intersected high-grade gold mineralisation in basement rocks along strike from the high-grade gravel, which the company thinks may be the source of the gold in the channel.

S2R recently completed an 82 hole aircore program at the Nanook prospect, 6 kilometres along strike from Monsoon and 10 kilometres from Baloo, with the dual aim of verifying the continuity of previous broader spaced aircore drilling results, which had defined an extensive zone of gold contained in quartz gravels.

The drilling also aimed to identify possible local bedrock sources for this gold.

Several holes intersected gold mineralization in gravels at the base of the palaeochannel, and in some cases also in the weathered bedrock immediately beneath it.

Results included:

SPBA3817

16 metres at 51.3 grams per tonne gold from 44m to end of hole (EOH), including 4m at 203g/t gold from 48m and 1m at 1.56g/t gold from 59m to EOH;

SPBA3810

16m at 1.63g/t gold from 40m, including 4m at 4.69g/t gold from 44m;

SPBA3818

11m at 0.93g/t gold from 44m to EOH;

SPBA3826

12m at 1.03g/t gold from 40m to EOH;

SPBA3827

12m at 0.76g/t gold from 24m to EOH, including 4m at 1.82g/t gold from 28m;

SPBA3857

28m at 0.81g/t gold from 28m, including 8m at 1.99g/t gold from 36m; and

SPBA3866

1m at 1.34g/t gold from 22m to EOH.

“This drilling has confirmed the continuity of gold mineralisation in gravels within the Nanook palaeochannel, which represents an extensive accumulation of gold,” S2R Resources said in its ASX announcement.

“The presence of gold mineralisation in a similar geological setting (ie, a sheared shale-basalt contact) along strike from Baloo and Monsoon suggests that this is a potentially important mineralised trend.

“A reverse circulation (RC) drill program, co-funded by the Government of Western Australia under the Exploration Incentive Scheme (EIS) will investigate the potential source of gold in the palaeochannel.

“RC drilling is scheduled to commence in mid-May.”

Email: admin@s2resources.com.au

Website: www.s2resources.com.au