Gunsynd (AIM:GUN) on Friday highlighted that Talon Resources has intersected high-grade gold mineralisation at multiple targets from the first batch of assay results at its maiden drill programme at the Eagle Lake gold project in Ontario, Canada, and separately confirmed it has sold its stake in Low 6 for £50,000 in cash.
Gunsynd, the AIM-listed gold exploration company, holds an investment in Talon Resources, which is also AIM-listed and operates Eagle Lake.
The standout intercept came from hole EG-26-07 at Cedar Trench, the highest-ranked target identified by MINML's PRISM machine learning platform, which returned 21.25 metres at 2.19 g/t gold from 64 metres, including 8.75 metres at 5.05 g/t from 76.5 metres and a narrower interval of 1.25 metres at 17.08 g/t from 84 metres.
The same hole also intersected 11.57 metres at 0.85 g/t gold from 48.5 metres, including 0.6 metres at 4.67 g/t.
A second Cedar Trench hole, EG-26-06, returned 33.35 metres at 0.61 g/t gold from 30.15 metres, including 4.55 metres at 1.83 g/t.
At East Fornieri Bay, hole EG-26-03 intersected five mineralised intervals with all assays received, including 0.5 metres at 6.86 g/t gold from 19.5 metres, while EG-26-01 returned 5.8 metres at 0.54 g/t gold from 33.5 metres, including 1.1 metres at 1.68 g/t.
Talon said remaining samples are being processed by the laboratory and are expected to build a fuller picture of the geology at Eagle Lake.
The drill programme followed Phase 1 channel sampling at Eagle Lake disclosed in July, which returned intercepts including 1.85 metres at 7.17 g/t gold at East Fornieri Bay, and prompted Talon to bring the maiden drilling forward from the fourth quarter to early September and expand it from 1,000 to 1,375 metres.
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Separately, Gunsynd confirmed it has disposed of its holding in Low 6 for £50,000 in cash, which it has received, following the general meeting held on 28 October and the announcement made on 12 October.
The company said it has now transitioned to an operating company with a primary focus on gold assets in Canada, a shift that sits alongside its own Barb Gold Project in Manitoba, where Gunsynd received multi-element assay results in July defining a gold-arsenic-bismuth-tellurium signature across its Lotus and Betty showings.