A drill program at the Long Lake Gold Project returned disappointing results for Sunrise Resources, causing a dive in the company's stock prices on Tuesday.
In a news release, the company reported results for nine holes under a second drilling program at the site, which is being evaluated for gold and nickel sulphide mineralization in two separate areas of the claims.
The program resulted in a best result of 1.2 m g/t gold at 5.6 m down-hole depth of Hole 11LD005. The resampling of historic core from E1 prospect confirmed high-grade intersections in the 1970s drill hole E1, measuring 5.7 m grading 27.5 g/t of gold, and 4.1 m grading 14.8 g/t of gold in the 1980s drill hole 87-9.
Exploration efforts will now be broadened eastward to evaluate nickel-copper-PGM targets on projected extensions at the Copper Cliff dyke extension.
“The results from this second drill program, whilst not building on the success of the first, suggest that more work is needed to better understand the structural complexities controlling the gold mineralization at Long Lake,” said executive chairman Patrick Cheetham in a news release. “However, the sampling results from E1 are encouraging.”
Results from the first round of drilling in January showed significant gold mineralization and pointed to potential extensions to the gold mineralization mined last century, both along strike and at depth.
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