Lakeshore Gold , a Toronto-based gold mining firm engaged in the operation, exploration and development of three gold complexes located in the Timmins Gold Camp, reported results from 16 new holes at the Bell Creek Mine on the Labine Deposit defining new high-grade structures.
According to the news release, the program highlights included 14.12 g/t Au over 10.2m at BC610-865, 8.41 g/t Au over 12.0m at BC610-911, 7.01 g/t Au over 10.7m at BC610-863A and 6.02 g/t Au over 7.6m at BC610-872.
The aforementioned holes defined new high-grade intercepts and identified two new hanging structures 100 metres east of the company's current mining with the new structures appearing to following a similar southwest trend as other hanging wall structures being mined further to the west, but with larger widths and higher grades.
Company president and CEO, Tony Makuch, commented, “These early results from our 2014 drill program are very encouraging. They include high-grade intercepts in an untested gap in the Labine Deposit and have identified a number of new, high-grade structures near current mining.”
He went on to explain, “The results indicate that considerable potential exists to add ounces at Bell Creek, particularly on the hanging wall, as well as to significantly increase average grades in some areas at somewhat narrower widths. We have been very pleased with our operations at Bell Creek, where our average reserve grade was recently increased to 4.7 gpt and where production this year is on track to increase by more than 25%.”
Then he concluded, “We have one drill turning presently, which is continuing to test for new zones below the 685 Level, and are in the process of deploying a second drill for the same purpose.”
Lakeshore Gold was in the news recently when the company reported record operating results for 2013 a week ago.
Shares climbed 4.05% on the news to $0.77 per share.
Currently there are 416.6m outstanding shares with a market cap of $320.8 million.
Read more at http://www.stockhouse.com/news/natural-resources/2014/03/26/lakeshore-gold-t-lsg-up-4-hits-new-high-grade-structures-bell-creek#UoHK8mXxseQXI1iJ.99
