Swanson results fall short despite 6.05-g/t gold highlight
Although some of its holes returned encouraging grades, the results did not demonstrate strong continuity.
LaFleur Minerals (CSE: LFLR) unveiled preliminary drill results from its Swanson Gold project in northwestern Quebec on Monday, with stock prices falling 2.86% in Toronto. The highlights of the findings include a 6.05 grams of gold per tonne over 8 metres intersected at the Bartec target on hole SW-26-124, marking the first modern-day drill hole completed at Bartec since 1987.
The Jackson target yielded 1.45 grams of gold per tonne over 7.70 metres on hole SW-26-111, while hole SW-26-103 on the Jolin target returned 1.77 grams of gold per tonne over 6.45 metres. Andrew Elinesky, LaFleur’s CEO, expressed optimism, stating that the Jackson zone now has gold intersected over a 1,200-metre corridor west-northwest of the historical showing, and Jolin has multiple mineralized intervals.
The Abitibi Gold Belt project, located 66 kilometres from Val-d’Or, Quebec, encompasses 19,214 hectares and 464 mineral claims, including one mining lease. Despite promising results, the findings did not demonstrate strong continuity. The company’s stock had already fallen over 18% since September 22. Elinesky confirmed Bartec’s new top priority and expressed confidence in the project’s potential to host large-scale, gold deposits.
According to a preliminary economic report, the site boasts a $101 million net present value and an after-tax internal rate of return of 65%.
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