The last of three holes drilled by partners Queenston Mining (QMI-T) and Franco-Nevada Mining (FN-T) has uncovered a new zone of mineralization at the Anoki gold deposit on the McBean property, east of Kirkland Lake, Ont.
The new zone, referred to as Anoki Deep, lies downdip of the Main zone and 152 metres below the vertical shaft and ramp that served the property over the past 50 years. Measuring 170 metres in thickness, the zone is characterized by highly altered, carbonated volcanic flows and sediments.
Gold mineralization is associated with silicification, quartz flooding and fine pyrite mineralization.
Significant assays from discovery hole 97-3 include: 6.1 metres of 0.69 gram gold per tonne (from 400.5 to 406.6 metres); 17.83 grams over 3.96 metres (from 426.11 to 430.07 metres), of which the first 0.91 metre returned 74.4 grams; and 16.92 metres of 1.16 grams (from 450.03 to 466.95 metres).
The three holes are part of a 20-hole, 12,000-metre program which is testing the Anoki deposit, as well as the McBean, about 1.2 km to the east.
A previous feasibility study on Anoki, carried out by Queenston’s former partner, Inco (N-T), included a reserve calculation of 589,667 tonnes grading 4.66 grams gold.
The other two holes drilled at Anoki tested the eastern extension of the Main zone, with hole 96-1 returning 5.49 grams gold over 9.39 metres.
Currently, the company is completing the final hole at McBean. Drilling there is concentrating on the Green Carbonate zone, which was discovered in October 1996. The partners are preparing for a second-phase of follow-up drilling, budgeted at $2.5 million.
Meanwhile, Franco-Nevada has exercised its warrants to buy 835,000 shares of Queenston at $1 per share. As a result, the company now owns 9% of Queenston.
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