Montreal-based Canchrome Mines (ME) will use proceeds from a private placement to carry out drilling on the Turgeron gold property in northwestern Quebec.
The $150,000 placement consisted of 375,000 flow-through shares and 125,000 common shares priced at 30 cents each.
Situated south of Casa Berardi Twp., the Turgeron property hosts a pyrite-rich body of massive sulphides measuring 13 to 30 metres wide, with a possible strike length of 3,000 metres.
The massive sulphides host quartz stringers with specks of chalcopyrite which have assayed up to 3 grams gold per tonne.
Elsewhere on the property, previous work outlined an agglomerate measuring 13 metres wide by 1,200 metres long. The silicified, carbonatized and brecciated structure features gold values ranging up to 1,000 parts per billion. Both zones will soon be drill-tested.
Elsewhere in Quebec, Canchrome has found two anomalous gold zones on the Etang John property in Desjardins Twp.
The first zone is associated with a chlorite- and garnet-bearing iron formation which hosts Placer Dome’s (TSE) Indice 400 gold showing. The second zone consists of an 8.5-metre-wide body of massive sulphides featuring strong silicification. Assay results from both zones are pending.
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