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Gatling Exploration developing high grade gold project in a proven jurisdiction

Snapshot

The 3,370-hectare Larder gold project lies in the prolific Abitibi greenstone belt and hosts three high-grade gold deposits

Gatling Exploration -

Quick facts: Gatling Exploration

Price: 0.34 CAD

TSX-V:GTR
Market: TSX-V
Market Cap: $21.09 m
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  • Larder project hosts three high-grade gold deposits
  • Already hosts a resource estimate
  • Experienced management team

What Gatling Exploration does:

Gatling Exploration Inc (CVE:GTR) is developing its flagship Larder gold project in mining-friendly Ontario through drilling.

The 3,370-hectare asset lies in the prolific Abitibi greenstone belt and hosts three high-grade gold deposits called Fernland, Cheminis and Bear, which the company believes are all connected.

Last year, drilling connected Cheminis and Bear for a 2.5 kilometre (km) strike and work is now focused on connecting Fernland to confirm a 4.5km continuous trend.

The property lies along the Cadillac-Larder Lake Break, 35km east of Kirkland Lake - an established camp where over 70 million ounces of the yellow metal has already been generated. The project also sits 7km west of the Kerr Addison mine, which has generated 11 million ounces of gold.

Gatling also benefits by having over 200,000 metres (m) of historical data to pour over along with property-wide sampling results, alongside its own ongoing drill program.

Larder already boasts a resource estimate from 2011, 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. Gatling says 70,000m of drilling have not yet been included in the resource estimate.

Mining major Gold Fields Ltd (JSE:GFI) terminated an option on the project in 2015, but significantly had already spent C$6 million on exploration, which included soil sampling, surface sampling and drilling.

How is it doing:

Exploration results have been the theme of this year's newsflow and, in January, Gatling revealed that the Bear deposit had been extended by nearly one kilometre to the west and closer to surface. Two holes were sunk between Bear and Cheminis and excellent widths and grades were encountered.

The same month, the firm reported that initial drilling at Fernland hit high-grade, near-surface gold, underlining its theory that the deposits there are connected.

And in February, the group said it had uncovered a new area of mineralization called the 'North Zone' at the Cheminis part of the project.

The new area is near existing mine infrastructure and four holes here hit high-grade and widespread gold mineralization, including 8.2 g/t of the yellow metal over 4m. Notably, Gatling said the holes confirmed historic grades near to the historic stope and workings, which were not included in the historic resource estimate.

In March, the company said it had encouragingly found two new gold trends from first drilling at the Kir Vit exploration prospect - a 2019 addition to the Larder property, which lies 6km north of the main trend that hosts the three deposits

Gatling in 2019 consolidated the last bit of the trend and completed the land package when it acquired Kir Vit from Teck Resources. The prospect lies on trend with Agnico-Eagle's Upper Beaver deposit. Gatling said it will now conduct a follow-up program at Kir Vit this summer.

And on June 3, the group revealed the extent of mineralization at Larder was far greater than previously anticipated as it revealed results from this year's ice drilling program, which saw the highest grades to date. The group said it was looking forward to the next phase of drilling in the coming weeks.

Inflection points:

  • More drill and exploration results
  • Gold price moves

What the boss says:

On June 4 this year, Gatling's vice-president of exploration Nathan Tribble spoke to Proactive after the group hit the highest grades to date in its ice drilling program at Larder.

“The next logical steps on Larder, I think, is to complete the 4.5km strike length. That entails going over to the Fernland deposit, which is on the western portion of our three main high-grade deposits, and from there we're going to tie together the Fernland and the Cheminis deposits. Once we've finished that we have four and a half kilometres of mineralised strike of gold mineralization, about a kilometre at depth, and we're just going to keep drilling it."

For 2020, he expects to drill between 25,000 and 30,000 metres, mostly focused on connecting Fernland with Cheminis.

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Gatling Exploration connects all three high-grade gold deposits at Larder...

Gatling Exploration (CVE: GTR-OTCQB: GATGF) Vice President of Exploration Nathan Tribble shared news with Steve Darling from Proactive Vancouver that Gatling has been able to connect a continuous 4.5 km gold strike at their Larder Project. Tribble explains how they were able to do that,...

1 week, 1 day ago

4 min read