Toronto-listed Golden Terrace Resources continues to produce some good results from drilling at its Richardson Lake project 70 miles east of Red Lake, Ont.
With results from pre-Christmas drilling just in, Golden Terrace says it has discovered a second zone 700 ft west of the main zone where a 500-ft strike length has already been determined. With two drills on site, the company is attempting to place inferred reserves of 250,000 tons grading from 0.18 oz to 0.3 oz gold per ton in the proven probable category.
According to Golden Terrace, the new zone is characterized by high grade quartz veins, hosted within an east-west shear zone that crosses the main zone near a 50-ft shaft.
Apart from 500 ft of drilling, the new zone remains relatively unexplored, says President Garry Smith. Assays include a 5.3-ft intersection grading 0.08 oz, 15.2 ft grading 0.05 oz, 13.5 ft grading 0.08 oz, 6.2 ft grading 0.20 oz, 6.2 ft averaging 0.22 oz, 4 ft averaging 0.21 oz.
Other results from the new zone include 5 ft of visible gold and an additional 2 ft grading 0.30 oz.
After a delay due to cold weather, drilling has started on the main discovery zone and assays include:
A 1.5 ft section grading 4.84 oz and 1.5 ft of 1.10 oz. Measuring more than 500 ft in length, the vein is part of a stockwork system of veins encountered during earlier drilling. It is located in the “footwall” of the main zone.
“Since this is a typical lode gold deposit, it is hard to say what the average grade will be,” said Smith. “But we believe it will be higher than 0.2 oz.”
“By the end of the month, we are hoping to have a strike length of around 1,000 ft,” said Smith. To achieve that, Golden Terrace is currently, drilling a number of step- out holes south of the main zone.
A second drill is currently testing an area 1.5 km south of the main zone where previous exploration holes returned 5 ft of 0.16 oz.
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