Fortitude Gold Announces Multiple High-Grade Gold Drill Intercepts at East Camp Douglas
News related to:Fortitude Gold Corp · 2 min read
Fortitude Gold Corp. has announced multiple wide and high-grade gold drill intercepts from its East Camp Douglas lithocap target in Mineral County, Nevada. The company drilled three holes, each revealing significant gold mineralization.
In Hole ECDRC-376, the company intercepted 9.14 meters grading 0.83 grams per tonne (g/t) gold, including 3.05 meters grading 1.76 g/t gold. Hole ECDRC-395 yielded 10.67 meters grading 0.77 g/t gold, with 3.05 meters grading 1.85 g/t gold. The most notable result came from Hole ECDRC-396, which returned 12.19 meters grading 0.87 g/t gold, including 1.52 meters grading 2.85 g/t gold and another 1.52 meters grading 1.12 g/t gold.
The East Camp Douglas lithocap is described as an expansive 1.5 by 1.0-kilometer hydrothermal alteration zone that has the potential to host significant near-surface gold.
The company is currently operating three exploration drills at the site. Turner added, "In addition to drilling, property-scale airborne magnetic and radiometric geophysical surveys were completed in May, and a Controlled-Source Audio-Frequency Magnetotellurics (CSAMT) survey was completed in August. These geophysics studies are being incorporated into mapping and drilling results to develop a 3D structural interpretation. Shortwave Infrared (SWIR) is also being completed on surface and drilled samples, for the purpose of determining the alteration mineralogy from which fluid temperatures can be implied."
The East Camp Douglas property is located in the Silver Star mining district in Mineral County, Nevada, approximately 6 miles southwest of the town of Mina. The property covers 540 unpatented lode mineral claims, 24 unpatented placer claims, 12 patented mining claims, and two fee land parcels.
The company is currently in the process of submitting an Exploration Plan of Operations / Nevada Reclamation Permit application to the Bureau of Land Management and Nevada Division of Environmental Protection Bureau of Regulation and Reclamation. This permit is expected to open approximately 25 acres for exploration drilling under Phase One of a multiphase authorization, covering a total of 150 acres, including the lithocap area and an expansive area in the northern portion of the property.
Fortitude Gold is a U.S.-based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The company's strategy is to grow organically, remain debt-free, and distribute dividends. The company's Nevada Mining Unit consists of eight high-grade gold properties, with the Isabella Pearl Project and County Line Project currently in production in Mineral and Nye Counties, Nevada.