Northway hits gold in all holes at Healy
Last updated 11/1/2019 at 3:51am
Northway Resources Corp. Oct. 21 reported that gold mineralization was encountered in all 10 reconnaissance holes completed during a maiden drill program carried out this year at the Healy project in Alaska's Goodpaster Mining District.
Northway is a new mineral exploration company that completed an initial public offering and listing on the TSX Venture Exchange in August.
At about the same time as the IPO, Northway began a maiden drill program at Healy, a discovery stage gold project generated by Newmont Goldcorp.
Newmont identified Healy as a priority target after carrying out four years of analysis across a large swath of Alaska's Eastern Interior region. Follow-up soil sampling by the major gold producer identified three 1,000- to 2,000-meter-long gold-arsenic-antimony anomalies on this property about 45 kilometers (28 miles) southeast of Northern Star Resources Ltd.'s Pogo gold mine.
Northway, which cut a deal with Newmont to earn up to a 70 percent joint venture interest in Healy by completing at least US$4 million of exploration on the property by the end of 2022, has identified three additional gold, arsenic and antimony soil anomalies on the property.
A 10-hole reverse circulation drill program that got underway in August encountered significant near-surface gold mineralization at Bronk, one of the seven targets identified at Healy.
Highlights from the 10 reconnaissance holes include:
• 53.4 meters averaging 0.35 grams per metric ton gold from a depth of 2.1 meters in hole HRC19-01;
• 49.4 meters of 0.42 g/t gold from surface in HRC19-02;
• 57 meters of 0.33 g/t gold from 11.3 meters in HRC19-08; and
• 25.5 meters of 0.28 g/t gold from 3.7 meters in HRC19-09.
Northway said the results from this discovery drilling at Bronk reinforces its belief that Healy could host significant gold mineralization.
"We are very excited to have intercepted shallow and broad intervals of disseminated gold mineralization in every hole from our maiden drill program at Healy," said Northway Resources President and CEO Zach Flood. "Part of the scope of this initial reconnaissance program was to better understand the nature and tenor of gold within the Bronk zone. The results have proven that there is widespread gold mineralization associated with structural corridors within the metamorphic basement rocks. The style of mineralization is consistent with that of an orogenic gold system. Going forward our programs will focus on testing and delineating additional targets across the property."
Newmont's reconnaissance work that identified Healy, known as a bulk leach extractable gold (BLEG) survey, focused on collecting stream sediment samples as a way of identifying the most prospective catchment (drainage basins) for follow up sampling.
Northway says some of the most anomalous gold-in-stream catchments on the Healy property have only seen limited ridge-and-spur soil sampling, and no mapping or prospecting. The company plans to carry out follow-up soil sampling, ground based geophysics, as well as mapping and prospecting across underexplored areas of the property to expand its inventory of targets and prepare for future drill programs at Healy.