Gold steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
Trillium Gold Mines (TSXV: TGM) reported on Thursday the final results from the company’s 2020 drill program at its flagship Newman Todd property in Red Lake, Ontario. The Newman Todd Zone (NT Zone) is a 2.2 km long structural target situated 26 km from Evolution Mining’s Red Lake operations.
Results from the final four drill holes of the 2020 drill campaign (NT20-176, NT20-178 to 180, totalling 1,862 metres) are now complete and compiled, with values up to 36.63 g/t Au over 1.0 metre. This brings total drilling at Newman Todd in 2020 to 6,081 metres in 16 drill holes, the first drilling since 2013 on the property.
“Drilling at Newman Todd continues to deliver gold even as we step towards the northern boundary. These results have aided us significantly in our reinterpretation of the structures controlling mineralization within the NT Zone and have helped with the new modeling, which is directing our current drilling,” Bill Paterson, Trillium’s vice president of exploration, said in a news release.
“The 2020 drilling can be considered a success in that it has returned significant high-grade gold results as well as validating our understanding of the NT Zone, and has laid the foundation for future drilling to target the structural and veining controls,” Trillium CEO Russell Starr added.
Prior drilling on the NT Zone from 2013 and earlier had mostly focused on testing the NT Zone by targeting the footwall with drilling toward the southeast, now known to be subparallel to gold mineralized veining and structures, potentially missing high-grade intersections or undercutting much of the targeted zone.
Newman Todd is a highly prospective target with 41% of the 165 historic drill holes having intervals of greater than 20 g/t gold over various lengths. Nearly all drilling has been conducted to depths of less than 400 metres.
As the Red Lake Camp is famously known for high-grade gold mineralization at depth, Trillium said it will continue to test various drill orientations in order to develop a comprehensive understanding of the mineralization and structural controls and test the depth potential of the NT Zone.
Shares of Trillium Gold surged nearly 12% by midday Thursday following the latest drill results. The gold junior has a market capitalization of C$33.7 million.
