Business
Gelum Resources Reports Promising Assay Results for Initial Drill Programme at the Eldorado Gold Project
Gelum receives loans Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Gelum Resources Ltd. (CSE: GMR) (OTCQB: GMRCF) (the "Company" or "Gelum") h
About this update from Gelum Resources Ltd.
[{"type":"text","content":" Gelum receives loans Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Gelum Resources Ltd. (CSE: GMR) (OTCQB: GMRCF) (the \"Company\" or \"Gelum\") has received assay results for three diamond drill holes (795.5 metres) completed in late 2022 at the Eldorado Gold Project. These holes are the start of a planned 11-hole, 3000 metre, helicopter-supported, diamond-drill programme that will be completed this year (Figures 1 and 8). Drilling intersected gold in all holes, associated with intense alteration (silica and iron-carbonate), and favourable hydrothermal vein textures (quartz-cemented breccias, crack and seal veins, open space filling) and sulphides including fine-grained pyrite and arsenopyrite. These features are associated with high-grade gold-bearing structures 20 km south in the district (Figure 8). The best intersection includes 44 metres assayed 0.414 g/t Au (ELD22-03), which contains two close-spaced, higher-grade intervals of 3.26 g/t Au over 0.83m and 3.11 g/t Au over 1.05m. Gelum Resources Director Henk van Alphen stated: \"The partially completed drill program intersected gold in all three holes and indicates one of the larger mineralized panels probably extends for more than two kilometres along strike. Follow up drilling will build on these intercepts by testing deeper parts of the system where sulphide and gold content are expected to increase. Positive results will indicate there's a very significant high-grade deposit to drill off.\" The Eldorado Gold Property is located 22 kilometres north of the Bralorne mine, and 17 kilometres north of the community of Gold Bridge (Figure 8). The 9028-hectare property covers multiple Minfile showings and two past-producing (1930s & 40s), small-scale gold mines that form the northern extent of the Bridge River-Bralorne/Pioneer orogenic gold system. Gold occurs in polymetallic sulphide veins and vein-stockworks within broad, epizonal (high level) quartz-ankerite alteration in the Eldorado granodiorite stock and surrounding rocks, which are complexly juxtaposed by numerous faults associated with regional-scale structures linked to gold mineralization. For detailed maps and project photos, please download the presentations at https://www.gelumresources.com. Summary of Results All sampled intervals are tabulated below in Table 1; missing interv...