Shares of Glimmer Resources (VSE) doubled in price to $1.50 after the company reported an impressive 7-metre intersection grading 22 grams gold per tonne (54.7 grams uncut) from a recent drill hole on its 40% owned Beatty- Hislop property in northern Ontario. The project, owned 60% by Noranda (TSE), is situated along the Destor Porcupine fault about 10 km east of Matheson, Ont.
“We don’t know if there will be enough tonnage to make an economic deposit yet because the gold is quite coarse and erratic,” said Denis Francoeur, manager of Ontario exploration for Noranda. “Some of the widths are very narrow and we still don’t know exactly what we’re dealing with.”
He said the company found the new zone, which lies about 300 metres east of previously known mineralization, by stratigraphic drilling along an altered ultramafic horizon. Results from the latest batch holes are as follows: 0206,0300,0300,0300, 0200,0306,0300,0300, Cut Grade From-To Length (grams/ Hole (metres) (metres) tonne) 37 156.4-157.0 0.6 13.0 38 170.2-173.1 2.9 8.4 188.0-188.5 0.5 15.4 39 175.9-177.4 1.5 2.2 40 142.2-149.2 7.0 22.0
Hole 40, which returned the widest and highest-grade intersection yet from the prospect, was about 50 metres west of hole 38 which yielded 2.9 metres grading 8.4 grams gold per tonne. The new zone is still open to the west and a follow-up hole (No. 42) has been collared to probe the gold-bearing interval below hole 40.
According to Glimmer President George Kent, the mineralization occurs in a mixed package of ultramafic and mafic volcanic rocks enveloped by green carbonate alteration. The zone does not outcrop on surface and appears to be dipping to the south, he said.
About six more holes remain in the current drilling program after which the joint venture will draw up plans for a fourth phase next year.
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