Wednesday, February 08, 2023
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Deep drilling program at Douay. A 10,000-meter drill program is underway at the Douay project, a joint venture with Agnico Eagle. Two additional drill rigs were mobilized at Douay and the company expects progress to accelerate with five rigs turning throughout the first quarter of 2023. A total of six drill holes are planned, several of which are expected to be drilled to at least 2,000 meters downhole. Mines in the Abitibi gold belt are known for vertical continuity and higher grades at depth. Deep drilling will test beneath the current mineral resource and across the Casa Berardi North Fault corridor.
Nearing the target. In January, deep drilling at Douay commenced with Hole DO-23-331, collared approximately 400 meters southwest of the conceptual pit limits at the 531 Zone, currently approaching 1,100 meters downhole. Previous drilling at the 531 Zone returned some of the highest-grade and largest accumulations of gold at Douay based on grade and thickness. The primary target is roughly 1,900 meters downhole where it is expected to intersect the projection of the defined mineralized zone at the 531 Zone significantly down plunge. Hole DO-23-331 will also test the width of the mineralized corridor in this area.
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