- S2 Resources (S2R) has found another major intercept at its Aarnivalkea gold prospect in Finland
- The company uncovered a high-grade gold zone in hole FAVD0064, with a significant intercept of 20.4 metres at 2.3 grams per tonne of gold
- This announcement follows the December find, which unlocked 6.85 metres at 11.8g/t of gold in hole FAVD0062
- S2 is now planning a further drilling program at the project
- Notably, Aarnivalkea is located 24 kilometres from Agnico Eagle’s Kittilä mine, the largest producing gold mine in Europe
- On the market this morning, S2 is up 36.5 per cent and trading at 17.8 cents per share
S2 Resources (S2R) has found another major intercept at its Aarnivalkea gold prospect in Finland.
The company has confirmed a high-grade gold zone in FAVD0064, with a significant intercept of 20.4 metres at 2.3g/t of gold, including eight metres at 4.8g/t of gold.
Last month, S2 uncovered 6.85 metres at 11.8g/t of gold in hole FAVD0062. The new hole is located around 575 metres north of this December find.
In October, the company drilled four holes at Aarnivalkea and the new find is located in the northernmost hole. The holes were designed to test the depth potential of the land.
“S2 has barely scratched the surface at Aarnivalkea after making a virgin gold discovery in 2019. The majority of holes to date have been drilled to less than 110 metres below surface on broad, 80 to 240 metre spaced section lines,” CEO Matthew Keane said.
“The four deeper holes drilled in October 2020 were designed to test the depth potential of the “smoke” identified in this earlier shallow reconnaissance drilling. The fact that two of the four holes identified high-grade gold, some 575 metres apart, is highly encouraging,” he added.
Mineralisation at the project remains open in all directions and there is no drilling below a depth of 120 metres between holes FAVD0062 and FAVD0064.
Importantly, Aarnivalkea is located 24 kilometres from Agnico Eagle’s Kittilä mine, the largest producing gold mine in Europe.
What’s next?
S2 will undertake a detailed geochemical and structural study of the mineralised system to gain a better understanding of the area for future drilling programs.
When the drilling will occur depends on when the diamond drill rig will be available, which is currently in high demand due to peak season. Notably, drilling in Finland is most active in winter due to the ground freezing. However, a large chunk of Aarnivalkea can be drilled all year round.
On the market this morning, S2 is up 36.5 per cent and trading at 17.8 cents per share at 11:27 am AEDT.