Atlantic Industrial Metals says an inspection of the Reefton Gold Project on the west coast of New Zealand’s South Island has identified veining indicative of gold mineralization which will be the target of a new exploration program.
The 14,000 hectare Reefton project has recently been acquired by Atlantic and is west of OceanaGold’s Globe Progress mine in the same sequence of rocks. Old gold workings in the area, including the Morning Star workings which are on the same site, demonstrate the potential of the project.
A field team was assembled at the site in December last year, with members accessing the historic Morning Star adit which has not been touched since the 1920s. The initial inspection of the first 200 metres of the adit identified sulphides, including arsenopyrite, and quartz veining and alteration in the stratigraphy.
The inspection was halted at the 200 metre point due to an old roof collapse blocking the adit. An inspection of the final 100 metres of the adit, including the main vein system, will be conducted after clearing and re-timbering the fall area. No detailed sampling was completed during the initial inspection.
Atlantic’s president Colin MacDonald says, “The company has assembled a team of consultants familiar with the area and is well-positioned to move to the next phase of exploration this year. Other than the collapsed area, the adit conditions appear to be excellent and the next phase of work will be to refurbish the workings which will allow for mapping, sampling, assaying and spot locations for underground drilling.”
In other news, Atlantic shareholders have approved a future name change for the company to Carleton Gold Corporation.