Gold discovery sparks interest in Harker-Holloway camp (June 18, 1990)

In northeastern Ontario, one of this summer’s biggest drilling campaigns for gold is being conducted by partners Noranda (TSE) and Freewest Resources (ME) at their Harker-Holloway project near Matheson, Ont. The joint venture will see up to 100,000 ft. of surface diamond drilling completed during the months ahead as the companies continue to probe the potential of what has been dubbed the Lightning gold zone.

Strategically located along the prolific Destor-Porcupine fault, the property has the potential to host a major gold deposit and has already yielded some impressive results such as 54.1 ft. grading 0.40 oz. gold per ton.

Up to four drill rigs have been deployed this summer to outline the deep-seated deposit which lies about 40 miles east of the town of Matheson, Ont.

Some of the better drill results reported previously from vertical depths of up to 2,000 ft., have included 72.9 ft. grading 0.24 oz. gold per ton, 56.7 ft. of 0.17 oz., and 11.3 ft. grading 0.72 oz. This season’s program of infill and deep drilling is designed to further delineate gold mineralization down dip in the zone.

Most of the gold mineralization is associated with a typical suite of altered mafic volcanic rocks along the contact with an ultramafic unit. The local alteration is characterized by minerals like ankerite and sericite, along with silicification and varying amounts of pyrite.

The Harker-Holloway project also includes the adjacent Teddy Bear property, held under option from Toronto-based junior Teddy Bear Valley Mines (COATS). A joint venture comprising Noranda (51%), Freewest (34%) and Newmont (15%) can earn a 70% stake in the Teddy Bear claims, with Teddy Bear retaining a 30% interest.

The Lightning zone lies about one mile north of the producing Holt-McDermott gold mine owned by American Barrick Resources (TSE).

Reserves for that mine currently stand at around 4.6 million tons grading 0.14 oz. gold per ton. The main ore zones at Holt McDermott have a westerly plunge reaching depths of 1,800 ft. below surface.

Last year, a surface diamond drilling program outlined a shallow gold deposit about 2.5 miles southwest of the Holt-McDermott shaft, and preliminary reserves of 420,000 tons grading 0.19 oz. gold per ton were identified in two adjacent zones to a depth of 440 ft.

Noranda has also struck a deal with Canamax Resources (TSE) covering its more than 400 claims located along the Destor-Porcupine fault.

Meanwhile, in Garrison Twp., immediately west of Harker Twp., two Toronto-based juniors Jonpol Explorations (TSE) and T&H Resources (TSE) have completed an underground program on their Garrison gold project.

Those companies are currently seeking about $3 million in funding to complete a prefeasibility study. During the recent program, Bulk sampling and diamond drilling confirmed a zone grading 0.23 oz. gold per ton over a true width of 12 ft. for a total strike length of 465 ft. Jonpol’s previous partner on the Garrison project was LAC Minerals (TSE), but the senior company dropped its option partly because of the refractory nature of the gold mineralization encountered to date.

But, Jonpol remains encouraged by the fact that significant gold intersections have been obtained in previous drill holes down to a depth of 2,000 ft., below surface. Despite the metallurgical problems, the zone is still open at depth and there is potential to expand the reserves beyond current 1.3 million tons grading 0.23 oz. gold per ton.

Next door in Michaud Twp., Moneta Porcupine Mines (TSE) is seeking a new partner on its gold property which was previously under option to Unocal Canada. A small summer drilling program will be conducted this year, according to the company. Some of the better intersections from the property include 21.6 ft. grading 0.25 oz. gold per ton, 18 ft. grading 0.11 oz. and 12.1 ft. grading 0.46 oz.

About 10 miles to the west, Stroud Resources (TSE) has been making slow but steady progress building reserves at its gold property in Hislop Twp. Preliminary reserves for that project stand at 1.1 million tons grading 0.19 oz. gold per ton. The company wants to proceed with an underground exploration program, but needs to raise at least $2 million before it can begin. Earlier this year, Stroud acquired the outstanding 50% of the project held by its previous joint venture partner Chevron Minerals, a unit of Chevron (NYSE).

A preliminary reserve estimate has also been released by Glimmer Resources (VSE) for its 16-claim property joint-ventured with Noranda in Hislop and Beatty twps. According to Glimmer, geological reserves are estimated at around 514,081 tons grading 0.31 oz. gold per ton on the property. More drilling is needed to clarify continuity of the gold-bearing zones, however. Noranda Exploration is operator of the joint venture. Glimmer’s other property in Barnet Twp., is under option to Placer Dome (TSE) which can earn a 51% stake in the claims.

Elsewhere in Beatty Twp., Kingswood Exploration (ASE) says several mining companies have expressed interest in its Devon property where significant gold mineralization was encountered in recent drilling.

With a large group of claims totalling 5,040 acres situated along the Destor-Porcupine fault, St Andrew Goldfields (TSE) has attractive exploration potential outside of its producing mine in Stock Twp. Earlier this year, the company reached an agreement with Goldpost Resources (TSE) on the latter company’s Hislop East gold property in Hislop Twp. St Andrew will act as operator for a detailed mine feasibility study this year, including a 10,000-ton bulk sample.

To date, previous exploration work done on St Andrew’s other property holdings in Stock and neighboring Taylor Twp., has outlined a total mineral inventory of 3.8 million tons grading 0.12 oz. gold per ton. That figure includes 2.1 million tons of gold-bearing material classed as possible reserves located in the Shoot zone of the company’s Taylor Twp. property.

In northeastern Ontario, one of this summer’s biggest drilling campaigns for gold is being conducted by partners Noranda (TSE) and Freewest Resources (ME) at their Harker-Holloway project near Matheson, Ont. The joint venture will see up to 100,000 ft. of surface diamond drilling completed during the months ahead as the companies continue to probe the potential of what has been dubbed the Lightning gold zone.

Strategically located along the prolific Destor-Porcupine fault, the property has the potential to host a major gold deposit and has already yielded some impressive results such as 54.1 ft. grading 0.40 oz. gold per ton.

Up to four drill rigs have been deployed this summer to outline the deep-seated deposit which lies about 40 miles east of the town of Matheson, Ont.

Some of the better drill results reported previously from vertical depths of up to 2,000 ft., have included 72.9 ft. grading 0.24 oz. gold per ton, 56.7 ft. of 0.17 oz., and 11.3 ft. grading 0.72 oz. This season’s program of infill and deep drilling is designed to further delineate gold mineralization down dip in the zone.

Most of the gold mineralization is associated with a typical suite of altered mafic volcanic rocks along the contact with an ultramafic unit. The local alteration is characterized by minerals like ankerite and sericite, along with silicification and varying amounts of pyrite.

The Harker-Holloway project also includes the adjacent Teddy Bear property, held under option from Toronto-based junior Teddy Bear Valley Mines (COATS). A joint venture comprising Noranda (51%), Freewest (34%) and Newmont (15%) can earn a 70% stake in the Teddy Bear claims, with Teddy Bear retaining a 30% interest.

The Lightning zone lies about one mile north of the producing Holt-McDermott gold mine owned by American Barrick Resources (TSE).

Reserves for that mine currently stand at around 4.6 million tons grading 0.14 oz. gold per ton. The main ore zones at Holt McDermott have a westerly plunge reaching depths of 1,800 ft. below surface.

Last year, a surface diamond drilling program outlined a shallow gold deposit about 2.5 miles southwest of the Holt-McDermott shaft, and preliminary reserves of 420,000 tons grading 0.19 oz. gold per ton were identified in two adjacent zones to a depth of 440 ft.

Noranda has also struck a deal with Canamax Resources (TSE) covering its more than 400 claims located along the Destor-Porcupine fault.

Meanwhile, in Garrison Twp., immediately west of Harker Twp., two Toronto-based juniors Jonpol Explorations (TSE) and T&H Resources (TSE) have completed an underground program on their Garrison gold project.

Those companies are currently seeking about $3 million in funding to complete a prefeasibility study. During the recent program, Bulk sampling and diamond drilling confirmed a zone grading 0.23 oz. gold per ton over a true width of 12 ft. for a total strike length of 465 ft. Jonpol’s previous partner on the Garrison project was LAC Minerals (TSE), but the senior company dropped its option partly because of the refractory nature of the gold mineralization encountered to date.

But, Jonpol remains encouraged by the fact that significant gold intersections have been obtained in previous drill holes down to a depth of 2,000 ft., below surface. Despite the metallurgical problems, the zone is still open at depth and there is potential to expand the reserves beyond current 1.3 million tons grading 0.23 oz. gold per ton.

Next door in Michaud Twp., Moneta Porcupine Mines (TSE) is seeking a new partner on its gold property which was previously under option to Unocal Canada. A small summer drilling program will be conducted this year, according to the company. Some of the better intersections from the property include 21.6 ft. grading 0.25 oz. gold per ton, 18 ft. grading 0.11 oz. and 12.1 ft. grading 0.46 oz.

About 10 miles to the west, Stroud Resources (TSE) has been making slow but steady progress building reserves at its gold property in Hislop Twp. Preliminary reserves for that project stand at 1.1 million tons grading 0.19 oz. gold per ton. The company wants to proceed with an underground exploration program, but needs to raise at least $2 million before it can begin. Earlier this year, Stroud acquired the outstanding 50% of the project held by its previous joint venture partner Chevron Minerals, a unit of Chevron (NYSE).

A preliminary reserve estimate has also been released by Glimmer Resources (VSE) for its 16-claim property joint-ventured with Noranda in Hislop and Beatty twps. According to Glimmer, geological reserves are estimated at around 514,081 tons grading 0.31 oz. gold per ton on the property. More drilling is needed to clarify continuity of the gold-bearing zones, however. Noranda Exploration is operator of the joint venture. Glimmer’s other property in Barnet Twp., is under option to Placer Dome (TSE) which can earn a 51% stake in the claims.

Elsewhere in Beatty Twp., Kingswood Exploration (ASE) says several mining companies have expressed interest in its Devon property where significant gold mineralization was encountered in recent drilling.

With a large group of claims totalling 5,040 acres situated along the Destor-Porcupine fault, St Andrew Goldfields (TSE) has attractive exploration potential outside of its producing mine in Stock Twp. Earlier this year, the company reached an agreement with Goldpost Resources (TSE) on the latter company’s Hislop East gold property in Hislop Twp. St Andrew will act as operator for a detailed mine feasibility study this year, including a 10,000-ton bulk sample.

To date, previous exploration work done on St Andrew’s other property holdings in Stock and neighboring Taylor Twp., has outlined a total mineral inventory of 3.8 million tons grading 0.12 oz. gold per ton. That figure includes 2.1 million tons of gold-bearing material classed as possible reserves located in the Shoot zone of the company’s Taylor Twp. property.