Significant Intercept Of 20.4 metres @ 2.3g/t Gold
S2 Resources Ltd (ASX:S2R) reports thqt assays received from the lower portion of diamond hole FAVD0064 confirm a second high grade gold zone located 575 m north of the high grade intercept hole FAVD0062 reported in early December 2020.
This was the northernmost of four holes drilled in October 2020 to test for dip and plunge extensions to the gold mineralisation discovered in previous shallow reconnaissance drilling at the Company’s 100% owned Aarnivalkea prospect in Finland.
Hole FAVD0064 returned a high grade gold intercept within a broader zone of mineralisation comprising:
20.40 metres @ 2.3g/t gold from 193.1 metres, including 8.0 metres at 4.8g/t from 198.0m
This follows the previously reported high grade intercept in hole FAVD0062 located 575m to the south of FAVD0064, comprising:
• 6.85m @ 11.8g/t gold from 223.0m, including 4.0 metres @ 18.1g/t gold from 223.0m
CEO Matthew Keane said S2 has barely scratched the surface at Aarnivalkea after making a virgin gold discovery in 2019.
“The majority of holes to date have been drilled to less than 110 metres below surface on broad, 80 to 240 metre spaced section lines,” Mr Keane.
“The four deeper holes drilled in October 2020 were designed to test the depth potential of the ‘smoke’ identified in this earlier shallow reconnaissance drilling. The fact that two of the four holes identified high grade gold, some 575 metres apart, is highly encouraging”.
In 2019, S2 discovered the mineralised gold trend at Aarnivalkea beneath shallow glacial cover in a previously unexplored area. The discovery followed a systematic regional targeting approach comprising sequential ionic leach geochemistry, structural interpretation of geophysics, and base of till (BOT) drilling. Follow-up broad spaced shallow reconnaissance diamond drilling defined a broad zone of basement mineralisation over a +1,200 metre strike extent.
In October 2020, the company drilled four very widely spaced diamond holes to test for a range of possible down-dip and down-plunge extensions to the gold mineralisation defined in the earlier shallow drilling.
Most assay results have now been received with all four holes intercepting gold mineralisation. One batch of samples from hole FAVD0063 are still awaiting assays. The latest results from hole FAVD0064 returned a high grade intercept within a broad zone of gold mineralisation. Better intercepts included:
- 1.8 metres at 0.9g.t gold from 160 metres downhole,
- 4.0 metres at 0.9g.t gold from 167 metres downhole,
- 20.40 metres at 2.3g/t gold from 193.1 metres downhole,
o including8.0metresat4.8g/tfrom198.0metresdownhole,
§ including 4.2 metres at 6.6g/t gold from 198 metres downhole
Hole FAVD0064 is located 575 metres north of the previously reported high grade intercept in hole FAVD0062 which included:
• 6.85 metres at 11.8g/t gold from 223.0 metres downhole, including 4.0m at 18.1g/t from 223.0 metres downhole
Mineralisation at Aarnivalkea remains open in all directions and there is no drilling below a depth of 120 metres between the intercepts in holes FAVD0062 and FAVD0064. The nearest shallow drill lines adjacent to FAVD0064 are located 120 metres south and 320 metres north.
Importantly, FAVD0030, a shallow diamond hole located on the northernmost section line (7,552,720mN), intersected 3.0 metres @ 1.3 g/t gold from 47.9 metres within strongly oxidised bedrock with 3 metres of core loss immediately after. This intercept may reflect the presence of a deeply weathered and potentially leached sulphidic zone situated on the near surface strike projection of the new intercept in hole FAVD0064. While S2’s understanding of the controls on mineralisation is i
