Preliminary results of chemical analysis of borehole samples from Thormódsdalur, not far from Reykjavík, show indications that rock rich in gold might be found there.
The search for gold began in mid-December. British investors provided ISK 100 million for the project, which was carried out in collaboration with Icelandic company Melmi. Diggers from Jardboranir have now bored 22 holes and 1500 meters, over a period of four months in which the whole 24-hour day was worked in three shifts. Samples are sent regularly to the <?xml:namespace prefix = st1 ns = “urn:schemas-microsoft-com:office:smarttags” />USA for analysis.
Extra funds are now being sought for further research and it is intended that the next stage of research could begin in May or June. However, it is much too early to predict whether the gold content in the rock is sufficient for processing to pay for itself.
A search for gold was also carried out in Thomódfsdalur 10 years ago, in collaboration with Canadian risk investors.