Flag cuts 43 ft. grading 0.32 gold north of Sudbury

A recently completed drill hole on Flag Resources’ Wolf Lake property in MacKelcan Twp., 30 miles northeast of Sudbury, Ont., has intersected 43 ft. grading 0.32 oz. gold per ton in the vicinity of some old gold showings. The high-grade intersection was obtained within a wider interval which graded 0.25 oz. gold over 58.5 ft. at shallow depths of 101- 159.5 ft. below surface. A second hole, drilled vertically from the same location, intersected 0.26 oz. gold per ton over 73.5 ft. at depths of 104-177.5 ft. below surface.

The two holes are on the west shore of Wolf Lake, about 21 ft. west of a previously known copper- gold occurrence that yielded 48 ft. of 3.6% copper and 0.04 oz. gold in 1983.

Flag says more shallow drilling with holes spaced at intervals of 20-25 ft. apart is planned to follow up the recent results. The company has settled a legal dispute with its previous joint venture partner, Hecla Mining, and has retained 100% ownership of the 24,000-acre property. Geologically, the claims are underlain by quartzite sedimentary rocks which have been cut by various faults and diabase dykes.