Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
The first hole completed by RT Minerals at the recently optioned Link Catharine RLDZ property in Ontario’s Kirkland Lake area hit a wide and near-surface interval of gold mineralization.
Drillhole CA 20-01 hit 33.1 metres of 2.81 g/t gold starting at 31.9 metres. This interval includes higher-grade sections, such as 4 metres of 14.89 g/t gold from 50 metres.
According to the release, additional drilling is required to define the true widths of the mineralization. RT has drilled seven holes thus far at the property – assays for the other six are pending. This first phase of drilling is planned down to depths of up to 300 metres.
Strongly altered rocks, prospective for gold, occur at Link Catharine within a 400-metre wide by 2.5-km long north-south deformation zone, along the Pacaud fault. According to RT, the majority of this deformation zone is covered by overburden and has not been drilled. Overall, drilling at the Link Catherine project has been completed at depths of less than 150 metres.
The 2.2-sq.-km property is road-accessible and lies in the Larder Lake mining division 25 km south-southeast of Kirkland Lake.
At the end of September, the company entered into an option agreement to acquire a 100% stake in Link Catharine, by paying a total of $200,000 in cash, issuing 1.95 million shares and spending $1 million on exploration over a five-year period.
Since 1970, 47 diamond drill holes were completed at the site, past intersections include 4 metres of 7.07 g/t gold, drilled between 1993 and 1994; 33.62 metres of 2.65 g/t gold, completed between 1999 and 2005; and 2 metres of 8.96 g/t gold, reported between 2008 and 2009.
(This article first appeared in the Canadian Mining Journal)
