Vancouver — Positive results from the first 1,000 metres of drilling by Masuparia Gold (MPG-V) on the North zone has prompted the junior to resume drilling on the Greywacke gold property some 90 km northeast of La Ronge, Sask.
Last year’s drilling confirmed the gold grades cut by Cameco (CCO-T) in the early 1990’s. Based on the results, the junior plans to drill another 1,000 metres aimed at expanding the mineralized zone and testing the Lyons and Hoover zone.
Between 1989 and 1992, Cameco detected gold over a strike length of 800 metres and to a depth of 200 metres within a greywacke horizon on the property The Saskatoon-based major drill tested a 6-km section of the Wacke trend with 40 holes. The widest intercept reported by Cameco was in hole 13: 4.69 grams gold per tonne over 21 metres at the Greywacke North zone. About 1 km southwest, a drill hole into the Lyons zone returned 23.9 grams gold over 1.9 metres, while surface sampling on the Hoover zone returned 7 grams gold over 2 metres. Mineralization is sedimentary hosted and is classified into the broad category of disseminated sulphidic gold deposits.
The Greywacke project, which includes the Greywacke and Lyons zones, is under option from equal partners Shane Resources (SEI-V) and JNR Resources (JNN-V). Masuparia stands to earn up to a 70% interest by issuing 500,000 shares and spending $2.8 million on the property by 2008. The Hoover zone lies on the Dickens project, which is under option from equal partners United Carina Resources (UCA-V) and Consolidated Pine Channel Gold (KPG-V). Masuparia can earn 70% of this project by spending $835,000 by May 25, 2008.
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