Gateford planning to drill Samson River property

A 10,000-ft diamond drilling program is scheduled to start in October on the large 533-claim Samson River property held by Gateford Resources in Gaudet and Fenelon twps., Que. The program will be following up encouraging drill results received from a reconnaissance exploration program completed last summer.

The area, which lies between Detour Lake, Ont., and the Matagami region of northwestern Quebec, covers several regional airborne geophysical conductors. The Gateford ground was staked to cover approximately 22 km of favorable geological strike, the company says. The program, which is scheduled for completion in December, will focus on the eastern section of the property, geological consultant T. J. Beesley says.

During the 1986 summer program, 5,400 ft of diamond drilling was completed, primarily to provide geological information about the overburden-covered property. However, in the eastern portion of the property near Lac Fenelon, two of five holes intersected a strongly sheared and altered horizon mineralized with pyrite. Hole F-4 cut a 2.3-ft section grading 0.33 oz gold per ton from 291.2 ft-293.5 ft. A deeper section in the same hole intersected 2 ft assaying 0.12 oz. “We’ve discovered a horizon worth following up,” Mr Beesley adds, saying that the follow-up drilling will step-out at 100 m intervals along strike from the F-4 hole.

In Gaudet Twp., near Lac Prince, several drill holes intersected a wide, strongly altered zone of quartz-carbonate veins and massive pyrite beds which assayed between 0.01-0.04 oz gold per ton across narrow widths.

In order to finance the follow-up exploration program, Gateford is preparing a flow-through share offering designed to raise $1 million. Following completion of the financing, President John N. McVicar says the company will be seeking a listing on a major Canadian stock exchange. The issue currently trades on the COATS system.