Exploration may be down, but Glen Auden still busy

While exploration spending is reported to be down in many areas, Glen Auden Resources (TSE) has budgeted $16 million for its stable of 33 properties. The company said it is also negotiating several additional joint ventures in the Burntbush and Timmins, Ont., area where the Toronto company is busy.

In the Timmins-Swayze area, drilling has started on Glen Auden’s Verse Lake gold property where partner WKAY Resources (VSE) of Vancouver is earning a 50% interest.

The program is designed to test four targets located within a major fault system adjacent to sericite schists. Grab samples from two showings in the pyritic sericite schist assayed up to 0.27 oz gold per ton. WKAY Resources is spending $200,000 to earn its interest.

About 100 miles to the northeast, drilling is also under way on Glen Auden’s Jessop Twp. property where a carbonate alteration zone appears similar to those hosting the major gold deposits in the Timmins, Ont. gold camp.

In the Detour Lake area just east of the Ontario/Quebec border, Corona Corp. (TSE) is assessing the results of a $500,000 reverse circulation program and some IP surveys carried out in Massicotte and La Peltrie twps.

A number of targets are being considered for follow-up drilling later this year, said Glen Auden vice-president Robert Middleton. At Casa-Berardi, Que., Tarzan Gold (ASE) is earning a 60% interest in Glen Auden’s Collet Dieppe property geophysical surveys as well as a major reverse circulation drill program have already been carried out. Middleton said 80 of 88 reverse circulation holes contained grains of gold and values as high as 0.3 oz gold were reported.

“One IP anomaly situated in carbonate sericite schists is over 3,000 ft long,” he said. Starting in September, the partners will drill a number of targets located by previous exploration.