Richardson Lake drilling encourages Golden Terrace

Additional drill results have been released by Golden Terrace Resources from the company’s gold project at Richardson Lake. Located 70 miles east of Red Lake, Ont., the property consists of 144 claims which cover several gold showings, an old shaft and favorable iron formation geology.

Of eight holes released by Golden Terrace, three cut economic grade mineralization. These include hole No1 grading 0.27 oz gold per ton across 25.1 ft. The second hole drilled along strike intersected 33.2 ft grading 0.126 oz. Included in the section is 16.2 ft grading 0.23 oz. Hole No3 cut 13.9 ft grading 0.35 oz gold.

Of the remaining five holes, No5 had the best result of 6.9 ft grading 0.15 oz. Hole No4, drilled under No3, intersected an uneconomic 9.3 ft grading 0.03 oz. The remaining holes, six, seven and eight were narrow and assayed from 0.05- 0.28 oz.

The company, which was a volume leader on the Toronto Stock Exchange last week, has seen its share price jump from the 30 cents range to a high of $2.75 on July 31, at which time the issue was halted. The drill results, the company says, come from two gold-bearing zones ranging up to 30 ft in width. A follow-up drill program is expected to start shortly on the property.