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Golden Dory Targets Potential Higher Grade Zone at the Huxter Lane, Brady Project, Newfoundland
Golden Dory Targets Potential Higher Grade Zone at the Huxter Lane, Brady Project, Newfoundland
About this update from Goldmoney Inc.
[{"type":"text","content":"\nGolden Dory Targets Potential Higher Grade Zone at the Huxter Lane, Brady Project, Newfoundland\n\n\n May 5, 2010 (TheNewswire.ca) -- GANDER, NEWFOUNDLAND - May 5, 2010 - Golden Dory Resources Corp. (TSXV:GDR) (\"Golden Dory\") is pleased to announce that New Valley Drilling has mobilized a diamond drill rig to the Huxter Lane/Brady Project located in Central Newfoundland. A minimum of 5,000 meters of drilling is planned for 2010 with an initial 2,000 meters targeting the Mosquito Hill Deposit and an additional 800 meters targeting the adjacent Reid Porphyry Zone. Golden Dory recently announced a NI 43-101 resource estimate for the Mosquito Hill deposit with an indicated resource of 4.47 million tonnes averaging 0.526 g/t gold for 75,600 ounces gold, and an inferred resource of 32.9 million tonnes averaging 0.461 g/t gold for 488,800 ounces gold at a cutoff of 0.30 g/t gold. To date no economic assessment or scoping study of the Mosquito Hill Deposit has been performed.Drilling will focus on two aspects of the Mosquito Hill Deposit that were identified during deposit modeling including a possible higher grade corridor, which has very limited drilling, highlighted by historical drill results including HX06-16 (35 meters grading 2.21 g/t gold), and HX-07-24 (1.68 g/t gold over 20.20 meters). Drilling will also focus on testing a large up dip and near surface portion of the Mosquito Hill Deposit that has not been tested by previous drilling nor included in the resource estimate.Phase 1 of the 2010 diamond drilling program will also include step out drilling at the adjacent Reid Porphyry Zone which lies approximately 1,600 meters northwest of the Mosquito Hill Deposit. Results of the proposed drill program will aid in producing a resource estimate for this zone. Diamond drilling by Golden Dory at the Reid Porphyry Zone late in 2009 returned significant gold mineralized intercepts including: 20.45 meters grading 1.27 g/t gold (incl. 5.75 meters grading 3.89 g/t gold), 52.10 meters grading 0.76 g/t gold (incl. 14.04 meters grading 1.05 g/t gold, and where historical drilling from 2003 returned 41.1 meters grading 1.10 g/t gold. The Reid Porphyry Zone is exposed at surface, dips gently to the south and east and remains open to depth and along strike.The Mosquito Hill Deposit and the Reid Porphyry zone are similar in many respects to ...