US-based Northwest Arm (NWA) has released Altius Minerals’ discovery report, which includes several new high-grade gold occurrences in Wilding Lake Gold Project, central Newfoundland, Canada.
Earlier this month, NWA signed an agreement with Altius Resources (ARI), a subsidiary of Altius, for a 100% interest in the project.
Following completion of the qualifying transaction, NWA intends to seek shareholder approval to change its name to Antler Gold.
The project features high-quality gold mineralisation within shear-related orogenic-style quartz veins and quartz stockworks located underneath shallow overburdens, which has not previously been explored for gold.
The project covers 17,200ha of land with 688 claims, and is located adjacently to Marathon Gold Corporation's Valentine Lake project.
Newfoundland prospectors Brian Jones and Gary Rowsell made the initial discovery at the Wilding Lake.
They identified the site along a recently constructed logging road, where a metre-scale angular quartz vein float containing coarse visible gold returned a maximum value of 74.8g/t of the metal in initial grab samples.
In addition, ARI has also identified some areas of similar gold bearing float. Recent initial trenching has successfully exposed gold bearing quartz veins in bedrock at the project’s Alder Zone.
Work of the Wilding Project is still in the preliminary stage, and the works cover prospecting near roads, limited soil sampling, trenching of the immediate Alder Zone, and a preliminary structural interpretation of the gold mineralisation.
Both NWA and ARI will be developing a programme for continued exploration of the area, which is expected to start as soon as possible.