Oracle Resources begins exploration in Pickle Lk.

Exploration has begun on two of Oracle Resources’ four gold properties in the Pickle Lake and Opapimiskan Lake areas of northwestern Ontario.

Results of airborne EM and magnetic surveys carried out earlier this summer on the 29-claim Kawashe Lake property indicate that a complexly folded iron formation crosses the property along with a number of EM conductive zones. That indicates excellent potential for gold mineralization, the Alberta-listed company says. This property adjoins the St. Joe Canada property on which the recently discovered Golden Patricia deposit is being developed by an underground decline. St. Joe has announced preliminary diamond drill estimates of 860,000 tons grading 0.58 oz gold per ton in this zone.

Under a joint venture with Power Explorations, that company is conducting ground geophysical surveys, geological mapping, prospecting and geochemical sampling on the Kawashe Lake property. Diamond drilling is planned to start in October when results of the program have been received.

On the 119-claim Opapimiskan Lake property, held under joint venture with Van Horne Gold Exploration, Oracle has signed a drill contract to further explore and define multiple high grade gold zones in iron formation. This iron formation is the extension of the gold-bearing iron formation on the adjacent property held by a consortium of companies (Dome Mines, Inco Ltd., Esso Minerals Canada and Lacana Mining Corp.) on which a new discovery, the Snoppy Lake deposit, was recently announced by Dome. This zone is reported to be 4,300 ft long and to average 0.24 oz gold per ton across an average width of 11-12 ft. Drilling will start in early September.

Further work, including diamond drilling, is planned for the Agutua Arm property in the North Caribou belt to test several high grade gold-silver and base metal zones, and on the Pettit property in the heart of the Pickle Lake gold camp to further define previously discovered gold-bearing iron formation.