Drilling by Int’l Larder hits gold at Colorado play

A surface drill hole on International Larder Minerals’ (CDN) Cross mine property near Denver, Colo., has intersected gold mineralization.

The hole, drilled to test the south side of a mineralized zone outlined below the Cross mine workings, intersected a broad zone of highly altered Precambrian gneiss hosting a quartz-sulphide stockwork zone. Results in Hole MP#1 include: 0.24 oz. gold per ton over 16.4 ft., from 393.9 to 410.1 ft.; 0.107 oz. gold over 13.2 ft., from 626.6 to 639.8 ft.; and 0.097 oz. gold over 29.5 ft., from 807.1 to 836.6 ft.

Four underground holes were also completed during the first-phase program, from which assays are pending.

The 232-claim property comprises more than 14 targets which surround small but high-grade, past-producing, gold-silver mines. Nine major veins have been mined, several of which coalesce at the Cross mine itself, which is the largest past producer.

Probable and possible reserves at the mine are estimated at 163,000 oz. gold and 1.6 million oz. silver, with the vein system open along strike and at depth.

Underground work is under way at the mine and the next phase of drilling will be targeted at the sulphide stockwork zone intersected in Hole MP#1. Early next year, the company plans to carry out ground geophysical surveys on the claim group.

The entire property is owned by Hendricks Mining, a private Colorado-based company. International Larder has a 49% interest in privately owned MCK Prospectors which holds an option to buy the outstanding shares of Hendricks. In other news, Larder has completed an agreement with eight buyers to sell its $1.4-million (principal amount) convertible note of Bakertalc (ME), plus accrued and unpaid interest totaling $558,327 and accompanying warrants. The sale price, amounting to $2.2 million, will be paid through an immediate cash payment of $250,000 and $2 million in instalments over six months.