Franco to drill at Holloway Twp.

Geophysical surveys are complete and Franco-Nevada Mining (FN-T) will shortly be drilling at the Holloway Twp. property in northeastern Ontario, held in joint venture with Greater Lenora Resources (GEN-T).

Franco-Nevada is funding a $500,000 exploration program on the property, which covers 27 sq. km immediately south and east of Barrick Gold’s (ABX-T) Holt-McDermott mine. Lenora had previously worked on the property in a joint venture with Inco Gold, the former gold exploration subsidiary of Inco (N-T).

Lenora funded drilling on the property in 1986 and 1987, which intersected gold mineralization along the Mattawasaga fault, west of Holt-McDermott’s South zone. One of the drill holes from that phase of exploration intersected 70 metres grading 0.96 gram gold per tonne, including a 6.1-metre intersection with 4.3 grams. Another hole cut two mineralized zones — one of 7.5 metres grading 4.4 grams and another of 30 metres grading grading 1.7 grams.

Lenora is also continuing work on its Goldfields property on the northern shore of Lake Athabaska in Saskatchewan. An airborne geophysical program, including magnetic, electromagnetic and radiometric surveys, outlined several new anomalies and indicated possible structural patterns that could point to gold, uranium, or base metal showings.

Lenora also is pursuing engineering and metallurgical studies on the Box and Athona gold deposits, situated on the Goldfields property. The company is awaiting a consultant’s report that will propose methods of cutting capital and power costs should the project be brought to production. Taken together, the deposits have a resource of 10.5 million tonnes grading 2.2 grams gold.