A drilling program at the Wood gold mine property in Quebec’s Cadillac Twp.
is returning gold-bearing intersections for Amblin Resources (AX-A).
Amblin can earn a 100% interest in the property from Globex Mining (GMX-T) by spending $4 million on exploration by 2001, whereupon Globex can earn 50% by spending an additional $1 million.
Resources stand at 1 million tonnes grading between 5.4 and 6.9 grams gold per tonne to a depth of 450 metres. The property is on the Cadillac fault, a geological structure hosting several gold deposits.
Results from the latest round of drilling include: 2.4 metres grading 7.9 grams gold; 1.6 metres of 14.9 grams; and 1.7 metres of 68.2 grams. The companies also report that visible gold can be seen in numerous narrow intersections.
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