Gold price rebounds 2% as Goldman reiterates $3,000 target
Bullion has declined about 7% from a record last month, with losses accelerating after Trump’s victory.
Russian gold producer Nordgold announced receiving encouraging results from its 2019 drilling programme at the Vickers gold deposit, part of the Pistol Bay project located in northern Canada.
In a press release, Nordgold said that all of the 10 holes drilled during this year’s summer campaign confirmed the continuation of the high-grade mineralisation at Vickers, intersecting grades and widths potentially suitable for underground mining.
Total Mineral Resources (2012 JORC) of 742 koz of gold at 2.94 g/t were previously estimated for the Vickers deposit
According to the miner, six drill holes extended the gold mineralisation laterally to the post-mineral dyke, while four drill holes demonstrated that the mineralisation steepens and continues at least 200 metres southwestward beyond the dyke.
The programme targeted the southward and westward continuations of flat-lying high-grade mineralisation beyond previously modelled limits.
“The assay results confirm the continuation of the high-grade mineralisation at Vickers and include gold intersections @ 18.2 g/t over 8.5 m; 16.7 g/t over 2.9 m; and 10.7 g/t over 8.0 m,” the company’s media statement reads.
Pistol Bay is a high-grade, 860-square-kilometre gold exploration project located in the Nunavut Territory, on the west coast of the Hudson Bay and within the underexplored Rankin-Ennadai greenstone belt.
