Barrick Gold drill rigs active at Moneta’s Michaud claims

Mining giant Barrick Gold (TSE) has released the results from the first 1,927 metres of drilling on the Michaud claims north of Kirkland Lake, Ont.

Three holes were drilled to test the Porcupine Destor fault, but they failed to intersect mineralization. However, two other holes, which were drilled at vertical depths of 200-215 metres, did return gold values. Hole MM-95-152, drilled on the South West zone, cut intersections averaging 8 grams gold per ton across a true width of 5 metres, and 5.5 grams across a true width of 3 metres.

Hole MM-95-153, which tested the 04 zone, hit 28 metres which averaged 2.3 grams, including a 9-metre interval which ran 5.7 grams.

In addition, Barrick and Moneta Porcupine Mines (TSE), owner of the property, have restructured the previous Lac-Moneta agreement regarding the Michaud claims. The senior can now earn a 60% interest in the claims by spending $3.5 million on exploration and paying $225,000 over the next five years.