Placer Dome (TSE) continues to drill its Fault Lake property and other western extensions of its Detour Lake gold deposit, 220 km northeast of Timmins, Ont.
The property has been optioned from Pelangio Larder Mines (CDN), and Placer Dome has also optioned adjoining ground held by Gowest Amalgamated Resources (ASE).
The gold at Detour Lake is held in a shear zone along the contact between two volcanic units, with narrow fractures splaying from the shear. The oreshoots near the open pit and shaft plunge downward to the west, but they level off to a near-horizontal orientation farther west. Exploration drilling along strike to the west has encountered gold mineralization on Placer Dome’s property and on Pelangio Larder’s property.
The latest results from the Fault Lake drilling are from hole 439-009 and two wedged holes from the same collar, 439-009A and B. Assays of samples from the holes show 24 intersections of 1 metre or longer with grades of more than 1 gram gold per tonne. The best results came from hole 439-009B, where 14 intersections grade more than 1 gram. Gold grades in 439-009B range upwards of 47.1 grams. The other two holes grade up to 7.4 grams.
Earlier drilling encountered similar intersections (T.N.M., Jan. 29/96), with most grades between 1 and 5 grams, including several high-grade intersections. Mineralization consists of narrow intersections (mostly at vertical depths of 900 metres) in an alteration zone. The mineralized bodies have not proved continuous, but the altered rock containing them can be correlated from one drill hole to the next.
In addition, Placer Dome has concluded an agreement with Gowest for an option on that company’s McAlpine Lake property, west of the Fault Lake and Detour properties. Placer Dome can earn a 70% interest by spending $1.1 million on exploration over three years and paying $375,000 cash.
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