Golden Cres./Placer Dome drills to start at Border

Situated on the Quebec/Ontario boundary about 7.5 miles south east of Placer Dome’s Detour Lake gold mine, the Border claims are one of a package of 26 Placer Dome properties in which Golden Crescent can earn a 49% interest.

“Tenders have been let and the drills could start turning almost any time,” said Golden Crescent President Vance White. The Border group within the Detour Lake greenstone belt is underlain by ultramafic-to-intermediate volcanics in the north and greywacke in the south.

The lower Detour Lake fault crosses the southern portion of the property and extends 40 miles through Ontario and Quebec. The gold mineralized zone runs parallel to the fault about half a mile to the north.

Previous drilling yielded a number of encouraging values included 22.6 ft of grade 0.07 oz gold per ton, 24.6 ft of grade 0.09 oz; and 1.5 ft of grade 0.52 oz.

Elsewhere, drilling has been suspended temporarily at the Talbot Lake gold property near Geraldton, Ont., pending freeze-up and negotiations involving two contiguous Placer Dome properties. The properties consists of 697 contiguous claims and would give Golden Crescent a right to explore 697 contiguous claims in the area.

Results from a 13,000-ft Talbot Lake drill program are expected to be released as soon as they become available, Golden Crescent says.

Also, Golden Crescent now has $950,000 in the treasury for exploration on the Placer Dome properties. The funding was raised from private placements of one million shares at 50 cents per share and 642,500 warrants exercisable at 70 cents each.

Under the Placer Dome deal, Golden Crescent is committed to spending $7 million over the next three years.

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