Sixteen-thousand metres of historical drill core containing visible gold has been recovered from a core yard located within the Giant Mine site that was set to be dismantled as part of the area’s remediation program.
In co-operation with the Geological Survey of the NWT and the Giant Mine Remediation Project, TerraX Minerals, a gold exploration company, was able to retrieve the core that was almost lost.
“It’s huge because for a company of our size to retrieve 16,000 metres of core, is equivalent to a season of drilling, which is around $4-million,” said David Suda, president and CEO of TerraX. “When you start to look at things from that perspective, and the fact that investors weren’t expecting us to drill this winter, this provides us with the ability to develop and advance our targets.”
Suda said that drilling seasons tend to run for two to three months, but the 16,000 metres of recovered core was retrieved in less than 30 days. The age of the core, Suda added, ranges from the mid-1960s all the way through the 1990s.
“It was quite an extensive process just given the age of the core and the condition it was in for us to recover it, carefully catalogue and bring it to our core facility,” Suda said. “It wasn’t a small task, but it was a significant discount to what it would cost to drill it.”
With the core coming from three of the company’s top four gold deposit targets, Suda said tremendous value lies in the acquisition. He added that the favourable sections of the core that have been catalogued so far have been promising.
“The main focus for us is that the core looks great and the historical data that accompanies some of the core is highly encouraging,” he said. “What we’ll do is log and resample all that core and be able to let the public have the first chance to see the results from this drill core.”
According to TerraX’s website, the company’s Yellowknife City Gold project – which covers more than 780 sq. km of contiguous land north, south and east of the city – is home to “innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district.”