Preliminary exploration of the Horwood Twp. gold property in northern Ontario by Pelangio- Larder Mines has been completed as part of an earn-in agreement with Bayridge Developments, Pelangio reports.
The property is located in the northern part of the Swayze gold area, south of the Joburke mine and northeast of the Orofino mine.
Geophysical surveys, geological mapping, sampling and assaying have confirmed the presence of two narrow gold-bearing quartz vein systems associated with highly altered shear zones up to 20-ft wide, Pelangio President J. Angus Mortson reports.
Samples taken at four locations along a 2,000-ft length of the Stack vein zone returned assays ranging from 0.12 oz gold per ton to 1.07 oz, while values returned from samples taken along the Inlet zone assayed from 0.14 oz to 0.9 oz.
A third gold-bearing zone, located beneath Horwood Lake, was tested in part by a limited drill program in 1960. A number of gold- bearing zones were identified at that time, including one with a strike length greater than 500 ft which averaged 0.2 oz over 4 ft and which is open along strike and down dip.
An extensive exploration program has been scheduled for the properties, and as part of the earn-in agreement, the program will be funded by Bayridge. Included in the program will be drilling of the three known gold-bearing zones.
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