Golden Briar’s Estrades bet subject to future drilling

Golden Briar Mines (ME) is preparing to resume drilling at its Estrade Twp., polymetallic property in the Casa Berardi, Que., region after discovering a large mineralized zone.

Under an option agreement with Radisson Mines (ME), Golden Briar can earn a 51% interest by spending $2 million on exploration.

According to Golden Briar, a 3-hole exploratory drilling program has delineated the zone over an open 960-ft strike length, east from Radisson’s west boundary, and to a vertical depth of 825 ft.

Significant intersections from previous drill holes include 5 ft of 1.54 oz silver, 1.12% zinc; 2.5 ft of 1.61 oz silver, 2.04% copper and 1.28% zinc; 2 ft of 1.44 oz silver, 1.82% copper and 1.14% zinc; and 1 ft of 0.035 oz gold, 0.34 oz silver and 0.52% copper.

The mineralization occurs in grey siliceous seams, which cut all through the host rock.

“We continue to believe that these seams represent a halo feature associated with stringers of mineralization originating from a nearby source,” said President Murdo Campbell McLeod.

In other news, Novedor Inc. (ME) has earned 100% interest in Golden Briar’s 9,500-acre Rouyn-Noranda claims by spending $2 million. Kerr Addison Mines (TSE) recently acquired an option to earn a 50% interest by acquiring $800,000 worth of Novedor stock and spending $7 million over six years.

Under the agreement, Novedor must put up its share of any future exploration expenses to prevent its stake in the property from being reduced to a 10% carried interest.

Golden Briar retains 10% of cash flow from any commercial production which increases to a maximum of 49% as designated costs are recovered. At that point, the partners would proceed with Golden Briar holding 49% and Kerr Addison and Novedor each holding 25.5%.

Golden Briar holds a 29% interest in Flag Resources (ASE) which is looking for platinum on 552 claims on the east side of Lake Wanapitei, near Sudbury, Ont. The property’s proximity to the world’s third largest platinum/palladium producer, Inco Ltd., makes it a key project in the Flag portfolio.

The Alberta-listed company has just completed 2,000 ft of exploratory drilling in the vicinity of a mined out lens of massive sulphides with grades as high as 0.68 oz palladium, 0.9% copper, 0.5% nickel and 0.09 oz gold per ton. Results are being analyzed and core samples assayed.