St. Andrews Goldfields (TSX:SAS, StockForum), a Toronto-based junior gold producer operating in the Timmins Ontario mining district, provided an update today to the company's underground exploration program on the 1004 lens of the West Porphyry Zone (“WPZ”) at its Taylor project located in the Timmins mining district, northeastern Ontario.
According to the news release, the drilling centered on the easterly strike extension of the 1004 lens resource block located within the WPZ. Results from the program provided additional data that will increase the company's understanding of the geological and structural setting in the east end of the 1004 lens and will be used to confirm the tenor and orientation of the mineralization.
Highlights from the program included, 22.57 g/t Au over 12.4m at T220-022, 12.49 g/t Au over 4.8m at T220-023, 23.70 g/t Au over 0.6m at T220-024 and 50.10 g/t Au over 0.9m at T220-025.
Taylor Project is located 50km east of Timmins and lies along the Porcupine Destor Fault Zone in the eastern regions of the Porcupine Mining Camp between Stock and Black Fox gold deposits.
St. Andrews was in the news recently when the company beat cash cost guidance in 2013.
Shares rose 2.99% on the news to $0.345 per share.
Currently there are 368.3m outstanding shares with a market cap of $127.1 million.