As of March 15, 2011, assay results for drill holes BL11-16 to BL11-24 have been received as well as partial results for drill hole BL11-25. Nine of the ten holes successfully intersected the gold-mineralized horizon and have extended the zone an additional 400 metres along strike to the northwest of the discovery section and 130 metres to depth for a total strike length of 960 metres and a vertical depth of 330 metres.
The second phase program has now drilled approximately 6,000 metres in 22 holes (BL10-09 to BL11-30) and will continue testing the strike and depth extents of the mineralized zone until the full extent of the mineralized horizon has been tested.
The Company has now intersected the gold-bearing horizon in all but one of the holes in the second phase of the program. Probe is focused on determining the extent of the deposit and will continue drilling to gain a better understanding of the scale and controls on mineralization.
Strike Length now 960M with drilling planned to extend deposit to the SE.
Holes BL11-22, BL11-23, and BL11-26 outside the Borden Lake zone, and supports a minimum deposit width of 200M. (see website drilling map)
Vertical Depth tested to 330M.
To be conservative, use a average depth 200M x 960 L x 200 W x Rock Density 2.8 =
Tonnage 107.52 MT at 1.0 g/t = 3.12 Moz (1 oz AU = 34.438 grams)
Even an avg grade of 0.5 g/t, this deposit would be 1.57 Moz. Pretty good considering full extent of mineralization is open all directions.
Potential of a 1200M strike length at 1.0 g/t = 3.9 Moz, at 0.5 g/t = 1.95 Moz. (Drill testing SE Extension)
Pretty impressive start, and considering $1400 Gold…and possible Silver bi-product. Let’s just look at the Gold.
3.12 Moz AU = $4.386 Billion, yes billion dollars, discounted to say 1% is $43.68 Million. This just happens to be a little more than our F/D shares outstanding.
Borden easily commands a $1.00 valuation today (Black Creek $120M or $3.00 a share)
Just my thoughts as Borden grows and SP lags (also bonus, 1km from highway and close to infrastructure of Chapleau)
Cheers, Mark
