Partners American Reserve Mining (ME) and Placer Dome (TSE) have defined the eastern limits of gold mineralization at the Paymaster mine project, immediately adjacent to the old Paymaster mine in Timmins, Ont.
Based on results of a $1.8-million exploration and development program launched earlier this year, the strike extent of the zone appears to be about 1,200 ft., said Carl Zuber, president of American Reserve.
Holes 6038-6043, drilled to the southeast from a platform at the 6,025 ft. level, probed the eastern extensions of the zone at depths of 405-680 ft. Narrow intersections included 12.5 ft. of 0.5 oz. gold per ton, 10 ft. of 0.29 oz. and 17.5 ft. of 0.25 oz.
As the last core samples are assayed, the rest of the Paymaster gold zone continues to yield high-grade mineralization over strong widths. Reflecting investor enthusiasm in the project, American Reserve rebounded to 48 cents during the week ended Sept. 10 for a gain of 11 cents. American Reserve owns a 36.6% interest in Paymaster.
Two holes, 6044 and 6045, tested updip potential while holes 6050-52, drilled from the crosscut at 3050 east, extended the zone 50 ft. west of the crosscut. Included in the western intersections is a 62.5 ft. interval grading 0.43 oz.
The gold zone, made up of two separate veins — No. 36 and No. 37 — is the extension of ore reserves at the Paymaster gold mine, a former producer. One of the more encouraging results returned with the latest batch of results is a 105-ft. interval of 0.21 oz. gold (cut), representing the No. 37 zone. The same hole, 6046, intersected a 7.5-ft. section grading 0.64 oz. gold. The recently-completed exploration and development program yielded a 1,603-ft. access drift, a drill station crosscut, another crosscut and two exploration drifts. If the partners decide to exploit the deep gold deposit, ore will be processed at Placer’s neighboring Dome mine.
Hole Interval(ft.) Length(ft.) Gold oz./t (cut)
6046 242.6-250.1 7.5 0.64
310.1-415.1 105.0 0.21
6050 42.0- 94.5 52.5 0.20
6052 72.5-135.0 62.5 0.39
6059 57.0-81.7 24.7 0.49
6062 68.0-88.0 20.0 0.70
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