Golden Range has drills on five Mingold properties

Toronto-based Golden Range Resources has five diamond drills operating on five properties held under an agreement with Mingold Resources, Golden Range said recently.

Under a back door acquisition agreement, Mingold has the option to acquire a 50.1% controlling interest in Golden Range which recently obtained 100% of Mingold’s interest in 12 Canadian properties.

A Toronto-based private company, Mingold is part of a group controlled by Inspiration Resources of New York.

At the Manson Bay property in Saskatchewan, 26 miles northwest of Flin Flon, Golden Range says it has encountered gold values ranging from anomalous to as high as 0.68 oz per ton over a strike length of 2,400 ft in a pyrite-pyrrhotite shear zone with a gneissic horizon.

A section within the horizon contains five drill intersections with an average width of 17 ft and an average grade of 0.26 oz uncut or 0.13 oz cut, says Golden Range.

Although drill intersections are at 100-ft to 200-ft separations and are inadequate for defining proven/ probable reserves, Golden Range says they outline a geologically inferred reserve of 275,000 tons to the 400 ft level.

Current drilling is concentrating on the down-dip extension of this section as well as the extension of the favorable horizon northward along strike.

Golden Range says drilling has also resumed at the Wag Claims which comprise 30 contiguous claims located 18 miles southwest of Flin Flon.

Drill results on two holes (Wag 36 and Wag 38) produced results ranging from a low of 0.05 oz over 1 ft to 0.26 oz over 1.6 ft (including 1.20 oz silver).

Additional drilling is planned for the anomalous shear zone intersected by previous diamond drilling and to test other geochemically anomalous targets with priority on targets with coincident V.L.V. and Electromagnetic conductors. A 5,500-ft drill program is underway at the Gun claims eight miles northeast of Flin Flon and 1 1/2/ miles southeast of Grange Exploration’s Tartan Lake gold deposit.

Previous work included an airborne survey which outlined conductive horizons related to gold mineralization at the Tartan Lake deposit where reserves stand at 582,000 tons averaging 0.307 oz.