Red Dragon Resources Corp. is pleased to announce assay results from the recently completed drill program on the Liaoning Gold Project in northeast China.
The drill program (4,597m in 30 holes) tested a number of induced polarization (IP) anomalies over a distance of 1.5 kilometres on the Dingtun property, one of four properties that comprise the Liaoning Project.
The IP anomalies are located about fifteen kilometres southeast of the Paishanlou Mine, an open pit mine with an initial reported gold reserve of 11 million tonnes grading 4 grams/tonne gold (1.4 million ounces). The reserve is defined under Chinese terminology and not compliant with NI 43-101 and therefore, should not be relied upon. The mine commenced production in 1998 and is currently producing about 60,000 ounces of gold per year.
The IP anomalies are coincident with auriferous pyritic quartz veins and breccias that are hosted within a low angle fault zone that strikes northwest and dips shallowly to the west. Near surface, the auriferous quartz veins and breccias are exposed in historic trenches and an underground tunnel over a strike length of 300 metres. Previously reported chip sampling of one of these trenches by the Company returned 2.99 grams/tonne gold over 7 metres.
The majority of the drilling (28 holes) was completed on sections spaced 50 metres apart from Section 14N to Section 24N. Drill holes were drilled at an azimuth of 60degrees with multiple collar inclinations on some set-ups. The central portion of the mineralized vein structure on Sections 16 to 20 has an average thickness of 16 metres and can be traced over 300 metres down dip. North and south of these sections, the mineralized structure bifurcates into a number of thinner, lower grade veins separated by altered granitic rocks. -- www.cnxmarketlink.com
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