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Thursday, 29th November 2007 (2604 views)

A five-hole drilling programme on the Nugget Pond gold claim in the Canadian province of Newfoundland has been completed, according to New Island Resources.

The company, which recently entered into an option agreement with South Coast Ventures to obtain a further nine mining claims in the area, is currently awaiting the results of an analysis of samples collected during the operation.

Between the years of 1997 and 2001, the property produced some 537,672 ounces of gold.

The most recent round of drilling was conducted on the Tilt Cove-Castle Rock area of the claim, which is located in the province's Baie Verte peninsula.

New Island Resources holds mineral claims in the Nugget Pond area covering 4,370 hectares of land, in an area thought to be highly prospective in terms of gold mineralisation.

In addition to its properties near the past-producing Nugget Pond gold mill, the company also holds the Pine Cove property in Newfoundland and the Glover Island mining property in Grand Lake among its assets.

 

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