More than half of the holes sunk by GeoNova Explorations (GNE-M) at its Chevrier property near Chibougamau, Que., have intersected gold mineralization.
The company sank 18 holes (4,275 metres) during a first-phase program on the property, which is situated 15 km north of the producing Joe Mann gold mine. Drilling intersected gold grades in 11 holes, including: 3.52 grams gold per tonne over 13.9 metres; 25.75 grams over 0.8 metre; 7.77 grams over 4.9 metres; 6.04 grams over 4 metres and 10.26 grams over 5.3 metres. Depths of those intersections range from 80 to 150 metres.
The final three holes of the program, drilled in the southwest portion of the zone, intersected grades ranging from 1.43 to 2.97 grams over a true width of between 20 and 50 metres. The mineralization in this area is near surface.
The Chevrier property was optioned to the company by Inmet Mining (IMN-T) in return for the expenditure of $2.5 million on a feasibility study by the autumn of 1999. The property contains a current geological resource of 3.7 million tonnes grading 5.42 grams gold over an average width of 2.7 metres, including 2.3 million tonnes grading 6.3 grams over an average width of 2.9 metres.
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