S2 Resources hits high-grade gold at Aarnivalkea
S2 Resources (ASX: S2R) has completed the first phase of reconnaissance diamond drilling at its 100% owned Aarnivalkea gold anomaly in Finland, and has received assay results for the first 14 of 32 holes drilled.
· First phase of wide spaced reconnaissance drilling completed as an initial test of the Aarnivalkea base of till (BOT) gold anomalous trend in Finland
· 32 shallow (~80 metre) diamond holes drilled on five broad (240-320 metre) spaced fences covering a 1,200 metre strike length
· Confirms large new shear system hidden beneath transported glacial cover in previously unexplored district
· Confirms gold anomalism in wide spaced holes with intersections of up to 5.5 metres @ 2.0g/t gold and 6 metres @ 5.4g/t gold (with visible gold)
· Results received from 14 holes with 18 more awaited, so full extent and continuity not yet known
· Rig relocated to Aakenusvaara gold prospect until remaining assay results are received, then drilling will resume at Aarnivalkea in late August
· Additional BOT drilling has defined strike extensions to the Aarnivalkea trend and has identified a new parallel trend to the west, with end of hole values of up to 2.17g/t gold
· Very encouraging result for first ever drilling in an entirely new concealed terrain identified by S2’s systematic greenfields exploration methodology
· Assays also received for remaining two holes at Gwardar nickel prospect (Polar Bear, WA) indicate prospective nickel sulphide bearing lava channel, 160 metres across and open down plunge
The drilling has achieved its objective of confirming the presence of a significant shear zone system with intense hydrothermal alteration, widespread gold anomalism, and high grade gold mineralisation, with better intercepts including:
· 10 metres @ 1.0g/t gold from 87 metres in FAVD0006
· 5.5 metres @ 2.0 g/t gold from 42 metres, including 0.7 metres @ 6.7 g/t gold and 1 metre @ 5.3g/t gold, in FAVD0012
· 6.0 metres @ 5.4 g/t gold from 59 metres, including 4 metres @ 7.8g/t gold in FAVD0015
These intercepts are on two lines 560 metres apart, with assay results for the intervening line of holes awaited. The results are considered highly encouraging given that this is the first phase of a broad reconnaissance program designed to confirm the presence of a shear zone, and to test for gold anomalism.
The drilling is very wide spaced (fences spaced at intervals of 240-320 metres) and relatively shallow in nature (most holes 80-90 metres depth) making it particularly pleasing that both objectives have been achieved.
S2 chief executive Mark Bennett said, “Finland is a highly prospective but under-explored country and despite being only 25 kilometres away from Europe’s biggest gold mine, Aarnivalkea is completely unexplored, so these preliminary drilling results underpin the reason why we decided to explore there.
"Our next milestone is the receipt of further assays from other holes completed, and we hope to build on these results over the coming weeks through our systematic program at Aarnivalkea whilst also progressing our other emerging gold and nickel prospects elsewhere in Lapland."