The first phase of reverse-circulation drilling has been completed on the Abore North zone at the Oda River concession in central Ghana.
Forty-five holes, comprising 3,400 metres, tested a gold-mineralized quartz stockwork zone over a strike length of 1.4 km. The oxidized zone extends to a depth of 60-100 metres and remains open both to the north and the south.
Partners Golden Knight Resources (TSE) and Australia-based Leo Shield Exploration can earn up to an 85% interest in the 73-sq.-km concession.
Results include: 19 metres of 3.77 grams gold per tonne for hole 1; 20 metres of 1.86 grams for hole 3; 54 metres of 1.66 grams for hole 5; 54 metres of 1.72 grams for hole 7; 58 metres of 1.82 grams for hole 17; 77 metres of 0.8 gram for hole 20; 46 metres of 3.36 grams for hole 22; 93 metres of 1.27 grams for hole 28; and 51 metres of 2 grams for hole 33.
Metallurgical tests are determining the material’s amenability to heap-leaching.
Elsewhere in Ghana, at the joint venture’s wholly owned Mpesetia concession, 10 km northeast of Oda River, an 1,800-metre, 26-hole reverse-circulation drill program has begun. Surface trenching and underground sampling of historic workings have identified three zones over an exposed strike length of 400 metres. Mpesetia is subject to a 10% carried interest held by the Ghanaian government.
In the neighboring country of Burkina Faso, at the Comidok property, Golden Knight is beginning a 3,000-metre drill program on the Kiere Nord zone, where trenching has identified a mineralized quartz stockwork measuring 30-50 metres in width and at least 400 metres in length. Golden Knight can earn a 60% interest in the concession.
The company owns a 40% interest in the Casa Berardi gold mine in northwestern Quebec. TVX Gold (TSE) owns the other 60%. Production at Casa Berardi for the nine months ended Sept. 30, 1995, amounted to 43,977 oz., down from 69,254 oz. for the same period in 1994.
While production figures for 1995 have yet to be released, Golden Knight expects its share to be less than 28,000 oz.
A recent insurance settlement of $4.5 million from a 1992 incident at Casa Berardi, when overburden material flowed into the mine through a fault zone, will boost Golden Knight’s working capital to more than $17 million.
The company has 14.7 million shares outstanding, of which Teck (TSE) owns 37.5%.
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