Band-Ore extends mineralization (May 13, 1996)

Six more drill holes at the Thorne property of Band-Ore Resources (CDN) in Thornloe Twp., west of Timmins, Ont., have intersected gold on extensions of the mineralized structure.

Most of the follow-up holes were drilled east of the original discovery holes, TH96-9 and TH96-12, which were both drilled due south along the same north-south grid line.

Hole TH96-30, drilled 75 metres east and 25 metres south of TH96-12, intersected a 58-metre core length grading 3.1 grams gold per tonne that included an 18-metre interval with 8.7 grams per tonne.

Hole TH96-31, another 25 metres south on the same grid line, intersected 6.2 metres grading 4.6 grams, with a higher-grade interval of 2.2 metres grading 8.9 grams.

Hole TH96-25, one of three holes drilled west of the discovery holes, was drilled from a point 50 metres west and 25 metres south of TH96-9.

Hole 25 intersected 3 metres grading 6.2 grams gold, including a higher-grade interval, 2 metres long, with a grade of 7.9 grams.

Holes TH96-36 and TH96-39 were drilled on a line 100 metres east of the discovery holes, with hole 36 collared 50 metres north of hole 39.

Hole 36 intersected a 2.2-metre core length grading 12 grams gold, while hole 39 cut 4.2 metres grading 5.2 grams, which included a 2.2-metre interval with a grade of 8.6 grams.

On a line 125 metres east of the discovery holes, hole TH96-23 encountered a 2-metre length of mineralized material grading 5.8 grams gold.

The mineralized intersections are all in quartz-muscovite schist containing pyrite, arsenopyrite, molybdenite and native gold. Band-Ore also reports native antimony, and has previously reported stibnite, chalcopyrite and green mica.

Four holes drilled on other targets on the property did not intersect any significant mineralization.

Band-Ore also announced that a private placement of flow-through shares, common shares, and share purchase warrants has been completed, for proceeds of $6.3 million.

In another transaction, Tyranex Gold (CDN) has taken an option to acquire a land package in Price and Ogden Twps., about 8 km east of the Band-Ore discovery, for $75,000 cash and 125,000 Tyranex shares. The vendor retains a 3% net smelter return and will receive an additional 100,000 shares if the property goes to production.

Pentland Firth Ventures (TSE), a prominent explorer in the Timmins district, has also arranged for a private offering of 2 million flow-through shares at $2 per share. Kinross Gold (TSE) has agreed to take up 40% of the issue. Some of the proceeds are planned for the company’s properties in the area around Thornloe Twp. Pentland will also be using some of the funds for underground work on properties in Hoyle Twp., just east of Timmins, and for drilling on properties in Guibord and Michaud twps., east of Matheson.

Pentland’s joint-venture partner on the Guibord-Michaud land package, QSR (TSE) has also arranged a private placement to finance its share of exploration expenditures.