Golden Knight, TVX find gold values

Partners Golden Knight Resources (TSE) and TVX Gold (TSE) continue to intersect ore-grade gold mineralization over narrow widths in the Theo River/Lac Germain region, 10 km from their Casa Berardi, Que., gold mines. But the joint venture, held 60% by TVX and 40% by Golden Knight, still has a lot of work to do to prove up any reserves, says Alan Sauerbrei, director of eastern North American exploration at Inco (TSE), which owns 62% of TVX Gold.

Five of 19 holes drilled recently on 34,000-hectares containing the Casa Berardi East and West mines intersected gold values higher than 0.08 oz. gold per ton, while four intersections exceeded 0.37 oz.

According to Sauerbrei, the joint venture tested targets in the Theo River/Lac Germain area and on the extension of the Casa Berardi fault, east of the East mine.

Narrow, erratic gold mineralization associated with quartz-carbonate veining was intersected in all of the drill holes that targeted an area west of Lac Germain. Those holes were designed to follow up on previous drilling which returned 2 ft. of grade 0.27 oz. and 2 ft. of 0.29 oz.

The joint venture intersected 5.6 ft. of 0.37 oz. at a depth of 680 ft. in a hole drilled 325 ft. east of the previously reported intersections, and 2.4 ft. of 0.64 oz. in a hole collared 325 ft. to the west. A hole that undercut the previously reported intersections yielded 3.6 ft. of grade 0.16 oz. at a depth of 1,200 ft. below surface.

This summer, the joint venture is spending $900,000 to drill additional targets west of Lac Germain.

A full report of a 42-hole overburden reverse circulation drilling program that tested an iron formation east of Lac Germain is not available yet. But assays released so far include 4.5 ft. of 0.10 oz.

Sauerbrei says gold values reported by Golden Knight are hosted by alteration and quartz vein stock works. “The area shows promise for gold mineralization but we will need a lot more work to prove something up,” he said.

Due to the fact that drill crews are essentially working in swamp, no further drilling will be carried out in the area east of Lac Germain until next year.