EXPLORATION 1997 — Michaud yields more gold for Moneta, Barrick

Drilling by Moneta Porcupine Mines (ME-T) and Barrick Gold (ABX-T) at the Michaud gold property, east of Timmins, Ont., is returning solid results.

Collared in the centre of the southwest zone, hole 182 hit 35.7 metres grading 2.45 grams gold per tonne, including 6.5 metres of 6.38 grams, at a depth of about 200 metres. About 25 metres to the east, hole 183 cut 27.4 metres of 2.01 grams, including 6.6 metres grading 4.32 grams. In both holes, mineralization was encountered in stockworks of quartz-carbonate-pyrite veins within altered (ankerite-sericite) host rock.

On the western extension of the same zone, Barrick hit 3.57 grams over 9.5 metres and 6.24 grams over 3.3 metres at a depth of 280 metres. The intersections represent a quartz-carbonate-pyrite shear vein downdip of a previously drilled area.

Geological resources in the southwest zone, previously delineated over a strike length of 250 metres, are estimated at 2.36 million tonnes of 6.07 grams. The current program should move resources into the proven and probable category and expand overall tonnage.

Barrick, which is in the midst of a 16,000-metre program there, is earning a 60-70% interest in the North and South claims from Moneta by spending $6.5 million on exploration. Nufort Resources (NR-T) has a royalty interest in the South claims.