Thursday, 21st February 2008 (1792 views)

Drilling at the Cove-McCoy gold project in Nevada has returned high-grade gold intersects, the company carrying out the work has said.

Victoria Resource said core drilling resumed at the site in January to confirm mineralisation within property's Helen zone, which is located near the former Cove open pit mine.

One of the holes targeting the zone, NW-7, returned results including an interval of 61.9 metres grading 12.57 g/t gold. However, Victoria Resource believes it has struck the western arm of the Helen zone, not its centre as intended.

Assay results from the second hole drilled at the site, NW-6, are pending.

Victoria Resource's president, director and chief executive Chad Williams said he was "very encouraged" by the results received so far, though.

"We look forward to receiving the rest of NW-7's assay results from 665 metres to 718 metres expected over the next few weeks, followed shortly thereafter by the assays from core drill hole NW-6."

According to Victoria Resource, the Cove-McCoy gold project is a relatively young mining district, having been discovered in 1928. Between 1987 and 2001, underground and open pit mining at the site produced 3.2 million ounces of gold.

 

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