Toronto-based Laramide Resources (LAM-T) plans to carry out deep drilling at its Goliath gold property, 15 km east of Dryden, Ont.
The property is immediately south of the Thunder West gold deposit, which is jointly owned by Teck (TEK-T) and Corona Gold (CRNA-C).
Thunder West is believed to host 3.1 million tonnes averaging 0.26 oz. gold per ton.
Laramide has drilled eight holes totalling 1,622 metres at Goliath this year.
All the holes were located at shallow depths (maximum 200 metres vertical) and drilled to test two secondary geophysical targets. It is believed the targets could represent parallel mineralized zones similar to Thunder West.
The drilling returned only anomalous gold values in pyritic, quartz-sericite schist.
In 1997, Laramide will test the the downdip extension of Thunder West (the primary target), as well as the deeper potential of the possible parallel structures.
The junior recently arranged a $1.5-million private placement to finance work at Goliath.
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