Lencourt, Glencairn in a joint venture on Ontario gold bet

Exploration, to include ip surveys and diamond drilling, will start immediately to confirm and extend the mineralized zone discovered in the 1940s on the Goodfish property in Ontario’s Kirkland Lake camp, say joint venture partners Lencourt Ltd., and Glencairn Explorations.

Lencourt, which will be operator, says it can earn a 51% working interest in the property by spending a $150,000 minimum this year, $300,000 in 1989, and $350,000 in 1990.

Lencourt will issue 100,000 of its common shares immediately to Glencairn, and make a $50,000 cash payment on the first anniversary date.

Consisting of 16 patented claims, the property is located in Bernhardt and Morrisette twps., and is accessed by an all-weather paved road serving the Kirkland Lake airport.

Two of a number of shafts excavated on the property up until 1941 were of “considerable significance,” Lencourt says.

It says for instance that the best grade mineralization for the No 1 shaft was a zone 3 ft wide, grading 0.50 oz gold per ton, on the 300-ft level, although this grade was not supported in the adjacent levels.

The company adds in the No 3 shaft there is reported to be an ore shoot comprised of 30,000 tons, at a grade of 0.34 oz.

It says following the initial ip and drill program, additional ip and vlf-em surveys will be carried out over the entire property, to determine the extent of the mineralized shear zones. This will be followed by further drilling.