North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Heliostar Metals Ltd. Sept. 16 reported that this year's drilling has tapped broad widths of gold and copper mineralization indicative of a large porphyry zone at the Zachary Bay target on its Unga Island gold project in Southwest Alaska.

While high-grade gold targets like those historically mined on Unga Island are Heliostar's primary interest, the company is also exploring the value that the bulk tonnage targets on the property have to offer.

"High-grade gold is the company's primary focus, however the proximity of the different deposit styles, as was the case at the Saddle and Saddle North deposits that GT Gold (now Newmont) discovered in northern British Columbia highlights the potential value creation of exploring both styles of mineralization," said Heliostar Metals CEO Charles Funk.

Located about 4.8 miles (7.7 kilometers) northwest of the SH-1 deposit, which hosts 866,015 metric tons of inferred resource averaging 13.8 grams per metric ton (384,318 ounces) gold and 35.4 g/t (986,321 oz) silver, Zachary Bay is a porphyry target discovered in the 1970s.

Out of four shallow holes drilled in the Zachary Bay area in 1975, only one targeted the porphyry core. This hole, Z1, cut 107.1 meters averaging 0.28 g/t gold and 0.11% copper.

Heliostar says its compilation of historical drilling, magnetic surveying, and two induced polarization geophysical survey lines completed in 2005, combined with detailed field mapping carried out earlier this year, confirmed a large porphyry system under shallow overburden at Zachary Bay.

The company completed two reverse circulation holes to test the extent of the porphyry complex.

Hole ZBRC21-01, drilled 135 meters south of historical hole Z1, cut 118.9 meters averaging 0.15 g/t gold and 0.15% copper from a depth of 9.14 meters to the bottom of the hole. This includes a 16.76-meter subsection averaging 0.26 g/t gold and 0.2% copper from a depth of 30.48 meters.

Hole ZBRC21-02, drilled 108 meters northeast of hole Z1 and at the edge of a northern magnetic high, cut 100.58 meters averaging 0.19 g/t gold and 0.09% copper from a depth of 9.14 meters to the bottom of the hole. The bottom 3.04 meters of this hole averaged 0.41 g/t and 0.14% copper.

The increasing grades at the bottom of ZBRC21-02 correspond with the hole approaching the most intense magnetic high within the Zachary Bay target. The hole, however, was ended due to limitations of the RC drill rig before testing the magnetic zone. The company says this is a clear target for follow-up drilling.

"These two first-pass RC holes targeted porphyry-style mineralization at Zachary Bay and both holes intersected gold and copper mineralization over significant widths. They indicate potential for a large porphyry footprint with zones of higher grade that require additional drilling," said Funk.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

• Email: [email protected]
• Phone: (907) 726-1095
• https://www.linkedin.com/in/shane-lasley-ab073b12/