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Gatling gains on near-surface hits at Cheminis

Gatling Exploration (TSXV: GTR) has reported high-grade, near-surface gold assays from drilling at the historically-mined Cheminis deposit at its flagship Larder gold project in northern Ontario.
Gatling gains on near-surface hits at Cheminis Gatling gains on near-surface hits at Cheminis Gatling gains on near-surface hits at Cheminis Gatling gains on near-surface hits at Cheminis Gatling gains on near-surface hits at Cheminis

Gatling has doubled the 2019 drilling programme at its Larder gold project in Ontario

Staff reporter

The junior had last week decided to double its 2019 drilling at Larder to 20,000m due to the success of the initial 10,000m.

Yesterday, it said the second rig had hit 18.1g/t over 3m, part of a wider 5m at 12.3g/t from 43m, with all three holes drilled to date at Cheminis intersecting gold mineralisation within the upper 50m.

"We have demonstrated excellent widths and grades very close to surface and have projected the ‘A' zone upwards from older, partially developed levels at Cheminis," CEO Nav Dhaliwal said.

Cheminis is about 2km west of ongoing drilling at the Bear deposit, where Gatling recently described an exceptional hit rate, having intersected gold mineralisation in the first six holes at Bear.

The company was spun out of Urban Barry-focused explorer Bonterra Resources (TSXV: BTR) last year.

It had cash and equivalents of about C$8 million (US$6 million) at March 31, with a remaining commitment to spend $2.7 million on exploration in relation to November flow-through financings.

Shareholder Northfield Capital Corp increased its stake in Gatling last month to 9.8% after acquiring almost $65,000 worth of shares on market at 40c. 

Gatling shares have ranged from 12-58c since listing in October and gained 9.2% yesterday to close at 41.5c, capitalising it about $19 million (US$14 million).