Foundation Resources and Alto Ventures declared the completion of initial three drill holes from the northwestern Ontario-based Sanders zone of the East Coldstream gold deposit.
These finished holes are included in a 6,000 m drilling program, which has two main goals. The goals are to firstly extend the deposit both down-plunge and laterally and secondly to develop and explore the high-grade gold discovery wherein 8.39 g/t gold was intersected over 11.0 m during 2011 winter drilling campaign at Iris Lake. The location of the Iris Lake discovery is around 1500 m north of the deposit. The drilling program was operated by Foundation and they hold 60% interest in the property and Alto possesses the remaining 40% interest.
All three drill holes were formed to analyze Sanders zone’s down-plunge extension that is one among the four gold zones consisting of the deposit with 1.5m strike length. The hole C-11-70 has vertically examined the Sanders zone at a depth of 165 m, which penetrates at around 65 m under drill hole C-11-56. Foundation drills the hole C-11-71 vertically to a depth of 113 m and 50 m under the historical drill hole EC-89-1. It also drills hole C-11-72 to a depth of 170 m vertically and approximately 50 m below the hole C-11-71 and east of C-11-70 drill hole.
The drill rig has been relocated to hole C-11-73 in order to assess east zone’s interpreted down-plunge expansion. The location of the east zone is around 100 m north of the Sanders zone.
The company’s three completed holes have cut numerous mineralized and altered intercepts of different core lengths. Foundation logs and samples the drill cores, which are to be sent to the lab for assaying.