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Gatling Exploration eyeing productive Fall as it continues to de-risk exciting Ontario gold project

Snapshot

Its Larder project lies in the prolific Abitibi greenstone belt in the Canadian province and hosts three high-grade gold deposits

Gatling Exploration -

Quick facts: Gatling Exploration

Price: 0.42 CAD

TSX-V:GTR
Market: TSX-V
Market Cap: $20 m
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  • Located in the Abitibi gold belt, where over 170 million ounces has been produced

  • Larder project has already seen considerable work and has resource estimate

  • Experienced management

What the company does:

Gatling Exploration Inc (CVE:GTR) is swiftly advancing, through drilling, its Larder gold project in Ontario. 

The 3,370-hectare asset lies in the prolific Abitibi greenstone belt in the Canadian province and hosts three high-grade gold deposits called Fernland, Cheminis and Bear, which the Vancouver-headquartered company believes are all connected. Gatling has already established 4km strike of mineralization between the Bear deposit and Fernland.

The property lies along the Cadillac-Larder Lake Break, 35 kilometers (km) east of Kirkland Lake. This is an established camp where over 70 million ounces of the yellow metal has already been generated.

Larder already boasts a resource estimate, which showed 43,800 ounces of the precious metal at 4.01 grams per ton (g/t) gold in the higher confidence indicated category for the Cheminis deposit and 917,000 ounces at 5.55 g/t in the inferred category at Bear.

The project lies 7km west of the Kerr Addison mine, which has generated 11 million ounces of gold.

Mining major Gold Fields Ltd (JSE:GFI) terminated an option on the project in 2015 having already spent C$6 million on exploration, which included soil sampling, surface sampling and drilling. Gatling says 31,000 meter (m) of drilling has not yet been included in the resource estimate.

In July this year, Gatling kicked off a 3,500m drill program focusing on high-grade near surface gold targets at the recently optioned - from Teck Resources (NYSE:TECK) - Kir Vit zone of the Larder project after receiving an exploration permit for its northern half. This prospect spans 1,274 hectares and lies 4 km north of the Cadillac Larder Lake Break.

Teck completed plenty of work, including soil and rock sampling between 2016 and 2017 and values recovered from surface samples included 7.9 g/t gold, 6.6 g/t gold and 5.7 g/t gold. There were 45 historical drill holes completed from the 1930s to the 1980s, which included assays of 56.9 g/t gold over 0.6 meters.

It is worth noting that Gatling's new targets at Kir Vit lie along strike of Agnico Eagle’s Upper Beaver deposit, which has an indicated resource of more than 1.46 million ounces of gold at 6.62 g/t.

How is it doing?

Newsflow has been thick and fast of late and there is set to be lots more this Fall.

On September 16,  the group said it was increasing the current drill program to 35,000m from 20,000m previously on the back of its recent drill success. In August it was lifted to 20,000m from 10,00m.

Notably, the increased metreage comes after Gatling reported new high-grade results from the largest step-out drill hole to date at the Bear deposit, where the firm has sunk over 13,000m, including an intercept of 10.6 g/t pf gold over 5m.

The additional metreage will be allocated to further test the Bear deposit's down-dip continuity, the Fernland mineralization, Cheminis expansion targets and the Kir Vit zone.

Inflection points:

  • More positive drill results
  • A new resource estimate

What the boss said:

Gatling Exploration CEO and president, Nav Dhaliwal recently spoke to Proactive and explained the benefit of the Larder project, having played host to lots of exploration already.

"We have an abundance of work there, it gives us a head start, especially in this exploration game, that adds value. Just layering this all up, for shareholders, existing, new, people looking to get re-engaged with gold, doing what it's doing now, I think we've set this company up for some big successes".

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Watch

Full interview: Gatling Exploration sees positive results from drill hole on...

Gatling Exploration (CVE:GTR-OTC: GATGF) CEO Nav Dhaliwal joined Steve Darling from Proactive Vancouver with the company’s latest drill results from the Larder Gold Project on Northern Ontario.  Dhaliwal shares the numbers and the location of the hole and why that is so...

1 month, 1 day ago

3 min read