US producing gold explorer and miner Fortitude Gold has provided further colour on its highly interesting East Camp Douglas North gold target.
Latest results out from the Nevada project included 1.52 meters grading 32.00 grams per tonne (g/t) gold within 18.29 meters grading 4.28 g/t gold, 6.10 meters grading 4.23 g/t gold within 9.14 meters grading 2.92 g/t gold, and 41.15 meters grading 1.09 g/t gold.
This reverse circulation drill program builds on Fortitude Gold’s December 2023 and January 2024 drill results. Historic third-party drilling along with Fortitude Gold’s 2023 and 2024 exploration and drill programs have defined high-grade gold at East Camp Douglas North and this recent drill program adds to the current geologic model.
“We are leveraging our 2023 surface mapping program to guide our drill targets and we continue to be pleased with the results,” said Alan Turner, VP for exploration at Fortitude Gold. “Our mapping projects a potential extension of mineralization further to the north which we plan to follow up with additional step-out drilling by mid-2024.”
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Fortitude Gold is targeting projects with low operating costs, high margins, and strong returns on capital. Its strategy is to grow organically, remain debt-free and distribute substantial dividends. The gold miner’s Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada.
The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production. Nevada is regarded as one of the world’s premier mining friendly jurisdictions.
Why are these results important for Fortitude Gold?
Over eighteen meters, or sixty feet, of 4.28 grams per tonne is an impressive width of very high-grade gold. Numerous other wide high-grade gold intercepts, including over nine meters of 2.29 grams per tonne gold, speak to Fortitude Gold’s East Camp Douglas property as being a very large, powerful, and high-grade gold system.
“Not many geologic systems and properties ever return one ounce gold per tonne results like were returned with over one- and one-half meters of 32 grams per tonne gold,” said Jason Reid, CEO of Fortitude Gold. “With each successful drill program in numerous locations on this very large land position, the critical mass continues to build towards what we hope results in an initial resource in one or several areas of mineralization being drilling at the East Camp north veins.”
Fortitude Gold is also notable as a dividend payer and many investors hold stock purely for the dividend yield. The miner declared its latest monthly dividend on 5 February of 4 cents per common share.
