Flanagan cuts gold values on Chibougamau property

Drilling on Flanagan McAdam Resources’ Gwillim Lake property in the Chibougamau area of northwestern Quebec has intersected significant gold values, the company says.

The latest hole, No 86-4, returned a 9.8-ft intersection averaging 0.582 oz gold per ton plus several other gold-bearing sections. Other values in the same hole included 5.2 ft grading 0.153 oz, 4.9 ft grading 0.137 and 4.9 ft grading 0.106 oz.

“This is the easternmost hole drilled to date within a broad zone of quartz and sulphide mineralization in felsic volcanic rocks which has been traced by geophysics for a length of 2,500 ft and is still open to the east beyond the current drilling,” says President John McAdam.

A second, parallel, mineralized zone lying about 1,000 ft to the north within the same felsic volcanic pile has also returned interesting gold values, up to 0.19 oz over 4.3 ft in hole No 86-3.

The property lies between two former gold producers, the Gwillim and Norbeau mines, and is believed to cover a major volcanic centre which gave rise to extensive gold mineralization.

The project is a joint venture in which Flanagan is earning a 43.3% participating interest by spending $150,000. Muscocho Explorations, an associated company, will then have a 43.3% interest and Noranda Exploration will have a 13.3% participating interest plus a 20% net profits interest.