Drilling on Block A at the Detour Lake gold property in northeastern Ontario continues to yield high gold grades for equal partners Trade Winds Ventures (TWD-V) and Pelangio Mines (PLG-T).
The best of four holes on section 15,940E yielded 12.9 grams gold per tonne over a true width 2.45 metres. Another hole included a 1.4-metre interval running 23.9 grams gold. Both holes cut multiple zones. The two remaining holes did the same, but returned lower grades.
Another pair of holes some 720 metres to the east encountered 5.6 metres of 8.4 grams gold, including 1.4 metres of 25.2 grams, and 2.8 metres of 4.8 grams gold, respectively.
The latest fences of holes are located 80 and 800 metres to the east of previous drilling that returned up to 64.4 grams gold over 6 metres.
The holes tested the M Zone, an east-striking structural corridor that controls much of the mineralization on the property.
Meanwhile, step-out drilling some 400 metres west of all previous drilling is believed to have encountered another alteration zone, less than 10 metres from the surface along the upper contact of the M zone. Assay results are pending for three holes there.
In related news, Trade Winds recently consolidate ownership of the 960-hectare Gowest property, immediately to the west, by picking up Gowest Amalgamated Resources‘ (GWA-V) 40% stake by issuing just more than 8 million shares.
The shares give Gowest a 15.1% stake in Trade Winds; Gowest plans to distribute the shares to its existing shareholders. The company also retains a 1% net smelter royalty on the property. Trade Winds can halve the royalty by paying $750,000 up to a year after first production.
The Gowest property contains the westward extension of the M zone structural corridor.
Shares in Trade Winds were 4 higher at 62 in late-afternoon trading on the Venture Exchange following the news on Apr. 19; Gowest was a penny and a half better at 40.5. Pelagio shares gained 2 to sit at $1 even in Toronto.
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