Pangea drills Matheson area play

A newcomer to the Canadian Dealing Network, Pangea Goldfields, has wasted no time in catching investors’ interest.

Having first listed on the exchange in early January at $1.85, the company’s shares shot up to $4.05 at presstime.

Pangea has more than 20 precious metal properties in northern Ontario and Tanzania, including the Fenn and Gib properties 7.5 miles east of Matheson, Ont. These are underlain by sediments and mafic volcanics and separated by the Destor Porcupine fault. In 1988, Corona drilled the structure near the eastern boundary of Fenn and intersected a reported 721-ft. section grading 0.052 oz. gold per ton. Included was a 56-ft. intercept grading 0.12 oz. The company has completed a magnetic survey which outlined a 1.5-mile-long anomaly thought to correspond to the fault. Pangea drilled three holes 100 metres east of Corona’s discovery hole in 1993 and has confirmed the continuation of the mineralized structure at depth.

Three drills are operating on the property and Pangea expects to spend $2 million on exploration this year, including 30,000 ft. of drilling to be completed by the spring. Although the company has drilled one deep hole, results are not expected to be released until March.