Eldor Resources looking to expand

Eldor Resources, the wholly- owned subsidiary of the federal crown corporation Eldorado Nuclear is currently involved in a number of projects designed to expand its interests beyond uranium.

They include joint venture with Canadian Occidental Petroleum in northwestern Ontario.

Following the discovery of a gold zone associated with volcanic rock sulphides at the Kippey property 150 miles north of Pickle Lake, Northern Ranger Minerals is currently earning a 49% interest in the joint venture by spending $750,000.

According to Eldor, the gold zone has been traced by drilling for 550 m along strike and is open at depth. “Subsequent work by Eldor has confirmed and extended the known gold mineralization.”

Results so far include 14.1 ft of 0.250 oz gold per ton, 1.3 ft of 0.465 oz, 0.186 oz across 7.9 ft, 10 ft of 0.128 oz and 7.9 ft of 0.125 oz.

Eldor says the size of the 4,000-m property was recently increased to include an additional six kilometres of what the company called favorable rock units.

Geological mapping has confirmed that the mafic and felsic volcanics that host the original discovery continue across the new claims, said Eldor’s manager regional exploration Robert Clark.

During 1988, Northern Ranger and Eldor are planning a 2-phase exploration program. It includes detailed ground geophysical surveys over the newly-acquired ground to extend coverage north and south of the original discovery zone.

According to Clark, Northern Ranger will also spend $290,000 on a 5,000-ft diamond drill program to delineate the known gold zone and to test the promising strike extension of the discovery area.

The program is scheduled to begin almost immediately.

In Saskatchewan, Eldor is conducting a 6,000-ft drill program at its Fish Hook Bay property in the Uranium City area where high gold, platinum and palladium were intersected during 1986.

Mary Ellen Resources is currently earning a 40% interest by spending $1 million to finance the drill program.

Clark says the best intersections so far include 2.08 oz gold, 0.19 oz platinum and 0.41 oz palladium over 5.25 ft. According to Clark, his company has also tested the area around the old Nicholson Fish Hook Bay uranium mine.

While two of four existing mine shafts are located on the Fish Hook property, Eldor is currently drilling from surface to test the area near the mine workings.

In a bid to establish continuity and over-all width, Eldor will also be testing an area on Shirley Peninsula where the best intersections were obtained in 1986.