High quality gold finds in Cloonacool and Cabragh areas of South Sligo.
Sligo News File Online.
South Sligo looks ready to roll as the ‘Klondyke’ of the North West.
Reports appear to indicate that gold of an exceptionally high value has been found during prospecting operations near the Ox Mountains.
According to the company behind the development, substantial gold occurrences have been discovered in both the Cloonacool and Cabragh areas of South Sligo.
In an update, Playfair Mining Ltd. which points out it has “the right to acquire a 100% ownership of Bowpark”, the firm by which the gold discovery was first made, says “reconnaissance exploration” has been going on over the last two years.
The exploration work included “prospecting of boulders and outcrops exposed in streams and along roads with many boulders occurring in stone walls.
“This method was adopted because it was the prime method of discovery of the Cononish gold deposit in Scotland and the Curraghinalt gold deposit in Northern Ireland and the method had not been systematically used in the Ox Mountains.”
The update states that “two previously unknown areas, 11 kilometers apart, with significant gold in boulders and angular blocks were identified by this exploration. The property was then reduced to 139 square kilometers covering 20 kilometers of strike including these two prospects, Cloonacool and Cabragh. Three samples at Cabragh, not in place, contained significant gold values (3.09 g/t gold, 3.43 g/t gold and 2.45 g/t gold). At Cloonacool, again not in place, three samples gave significant values (9.80 g/t gold, 0.55 g/t gold and 0.35 g/t gold).
“Particularly encouraging was sample MYR 063 (9.80 g/t gold), taken from a 30cm boulder of grey quartz containing fine and coarse-grained pyrite and cross-cut by later white quartz.
“Following the Playfair-Bowpark agreement further exploration at Cloonacool and Cabragh has yielded extremely encouraging results. Additional prospecting at Cabragh identified a 70 cm angular block of strongly micro-fractured white quartz with abundant galena on one side and minor pyrite and malachite. This block returned 23.9 g/t gold and is located approximately 350m ESE on strike of previously located boulders that returned 3.45 and 3.09 gpt gold. A sample of this block taken by an independent geologist, Thomas Hawkins Ph. D, P. Geo returned values of 33.5 g/t gold and 30.8 g/t silver.
The update adds that “Playfair and Bowpark have planned a drilling program starting in October 2016; Playfair has sufficient funds on hand to complete the planned work. The drilling will initially be focused to better define the outcropping gold-bearing vein at the Cloonacool prospect. Continuing drilling will further explore this vein and will test the geophysically defined structures at both the Cloonacool and Cabragh Prospects.”
The finds could fire up the economy of the region, with huge benefits for some local landowners.
Gold found in Ireland is officially owned by the State and extracted under licence.
Playfair is quoted on the US Nasdaq Stock Market Exchange