Provenor grabs stake in Fenelon extension

Montreal-based Provenor Inc. (PVN-V) has inked a deal to take a 51% interest in three claim blocks, covering about 3.2 sq. km in Fnelon and Gaudet Townships in the Abitibi region of Quebec.

Under the deal, Provenor can claim its stake by covering phased exploration costs totalling $ 385,000 and issuing 600,000 shares over three years.

The claims lie about 1.5 km from the Fenelon joint venture property, where International Taurus Resources (ITS-V) and Fairstar Explorations (FFR-T) poured their first dor bar from bulk sampling in June 2001.

In mid-December, the partners tabled drill results running from 1 to more than 600 grams gold per tonne over widths ranging from 0.2 to 20 metres. True thicknesses are estimated at 75-80% of the drilled intervals.

Better drill results include:

• Hole 207 — 3.74 metres of 99.6 grams gold;
• Hole 209 – 19.1 metres of 17.5 grams gold;
• Hole 210 – 7 metres of 10.7 grams gold; and
• Hole 216 – 4.24 metres of 16.4 grams gold.

Taurus’ president, Bob Blakestad, said in a press release, “the mineralization appears to be controlled by several through-going parallel shear zones that can be traced with drilling in the main Discovery Area for at least 200 metres along strike and for at least 200 metres in depth.”It is clear that there is a core area that contains a significant amount of gold over substantial widths with impressive grade. Drilling has shown that the mineralization in this core zone is relatively continuous along strike and to current drilled depths,” he added.

The deposit remains open at depth and stretches for more than 3 km along strike.

SRK Consulting will use the latest drill and channel sampling results to construct a new mineral model and resource estimate for a feasibility study and pilot mining project at Fenelon. The new model is expected in January.

Taurus owns a 62% stake in the 72-sq.-km property, 50 km northeast of the Selbaie mine. Fairstar holds the remaining 38%.

Provenor’s plans call for drill testing of geophysical anomalies along the western extension of the Fenelon discovery as soon as possible in the new year. Provenor says the geology on the claims is similar to that at the Fenelon property.