Duration, Locator improve grade at Theresa project

Bulk sampling completed by partners Duration Mines (TSE) and Locator Explorations (VSE) on the Theresa property, has returned much higher grades than initially indicated by drilling. Located south of Longlac, Ont., the Theresa mine was a former producer during the early 1950s.

A 2,000-lb sample from the 500 series quartz vein system was taken from old ore chutes which were reopened. Testing at Lakefield Labs returned grades ranging from 0.72- 0.95 oz gold per ton. The bulk sample results are in marked contrast to assays received by Duration when the veins were initially sampled earlier this year. That sampling program of mucks from the same stopes yielded an assay of 0.3 oz gold per ton.

What management considers even more significant is that a review of past drilling through the same stopes showed a majority of the drill sections assayed uneconomic gold values. That discovery, when combined with the high grade bulk sample results, underscores the problematic nature of erratic, coarse gold deposits, William Hill, executive vice-president and director of Duration explained.

On the 800 series vein system, another 2,000-lb sample from ore chutes returned an average grade of 0.25 oz gold per ton. Again, this grade is above the 0.13-0.17 oz determined by Duration from underground mucks.

The results suggest that underground bulk sampled grades can be significantly higher than that suggested by surface and underground drilling. As with most Archean coarse gold-bearing quartz vein deposits, a thorough assessment can only be completed via drifting, raising and bulk sampling.

To this end, Duration is completing 7,000 ft of underground development and a 12,000-lb bulk sampling program which is designed to block out reserves of 500,000-800,000 tons grading 0.2- 0.25 oz. Following the initial results from Lakefield, the partners feel that mineable zones grading above 0.3 oz can be delineated.

A $1-million budget has also been established which will fund a deep drilling program designed to test the gold potential of the intrusive-volcanic contact which dips under the mine. Gold mineralization has been found in the volcanics which appear at the bottom of the Theresa’s 1,000-ft deep shaft. The shallower zones being tested are hosted in a felsic intrusive.

In a move to consolidate operations, Locator will be merged into Duration. Locator shareholders will receive 1.45 shares of Duration for each share held.