Business
Gelum Resources Set to Start 3D IP Survey on Eldorado
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Gelum Resources Ltd. (CSE: GMR) (OTCQB: GMRCF) (the "Company" or "Gelum"), reports it has sign
About this update from Gelum Resources Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Gelum Resources Ltd. (CSE: GMR) (OTCQB: GMRCF) (the \"Company\" or \"Gelum\"), reports it has signed an agreement with Dias Geophysical Ltd. of Saskatchewan to complete a 3D pole-dipole DCIP survey over approximately 1.5 square kilometres at the Company's Eldorado Gold Project, BC prior to the commencement of drilling. The information from the survey will be used to better define the proposed drill programme planned for September and October 2023 as discussed in News Release 23-02 dated March 6, 2023. The 2023 drill program will target the northeast-dipping, siliceous ankerite vein/breccia panels down dip, at greater depths. The approximately 40-metre thick, ankerite-silica panel in holes ELD11-01 and ELD22-03 (see NR 23-02 dated March 6, 2023) is a prime target with significant potential. The gold and sulphide contents are expected to increase downward, based on the much higher gold grades in similar mineralized brecciated, high-sulphide veins to the south and lower elevations at the Reliance Gold project (Figure 1). The extension of this horizon is interpreted to crop out at the south end as gossanous ankerite alteration with anomalous gold on the ridge col east of Nea Peak, over 800 metres south of ELD22-03, for a total potential strike length of 1300 metres. The IP survey will provide continuous 3D coverage across this area to support a robust 3D inversion model with a near-surface resolution of approximately 12.5 by 25 metres and a depth search of approximately 400 metres. At least one drill hole will target the north end of a highly gossanous, gold-mineralized feldspar-porphyry dike on the Robson claim, which lies at the centre of historical ground sluicing and the gold-in-talus anomaly and may be a source of the mineralization in the northeast-dipping panels. References to other nearby mines and deposits made in this news release provide context for the Eldorado Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the property hosts similar grades and tonnages of mineralization. Figure 1. Location of other active orogenic gold projects near Eldorado Qualified Person John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this n...