PERTH (miningweekly.com) – ASX-listed junior S2 Resources has reported a mineral estimate of 84 000 oz at its Nanook prospect within the Polar Bear project, in Western Australia.
The resource estimate of 2.2-million tonnes, grading 1.2 g/t gold was based on 821 aircore drill holes and 12 reverse circulation drill holes.
S2 said on Friday that the gold occurred in quartz gravels occupying the base of a palaeochannel, and was located some 6 km south along trend from the recently announced Monsoon intercept, and 10 km along strike from the Baloo deposit.
MD Mark Bennett told shareholders that the presence of 84 000 oz of transported gold in the Nanook palaeochannel was a good result in its own right, but begged the question of where the gold originated.
“The next step is to find the source of this gold and if so, determine how much of it remains intact. In this sense, the palaeochannel resource represents a very big geochemical anomaly.”