Golden Rule set up to reserve fiqure

Calgary-based Golden Rule Resources (TSE) says results from a winter drilling program on its Tower Lake gold project in northern Saskatchewan “will add substantially to the tons and grade of the previously reported reserves.” Situated in the Byers fault area of the La Ronge greenstone belt, the property is owned 67.8% by Golden Rule following a recent consolidation of its holdings in the region.

In April, the company completed a 28-hole drill program at Tower Lake where preliminary reserves of 593,000 tons grading 0.20 oz. gold per ton were reported last year.

That figure is expected to increase based on the results of the recent work, says Golden Rule Vice- President Larry Lahusen.

The winter definition drilling program, comprising 11,110 ft., was focused mainly on the western lense of the deposit. At least three distinct parallel gold zones comprise the deposit which lies partly under the waters of Tower Lake along a major regional fault.

Some of the better results in the recent batch of drill results include 52 ft. of 0.32 oz. gold per ton, 72 ft. of 0.24 oz. gold, and 98 ft. of 0.14 oz. in separate holes in the Andesite zone. Other significant intersections were 26 ft. grading 0.32 oz. in the East lense, and 20 ft. grading 0.19 oz. in the Contact zone.

Eight large-diameter (PQ) holes were also drilled to obtain a 10-ton bulk sample for metallurgical testing and to determine the head grade of the Tower East deposit.

During the next two months, the company expects to release a new mineral inventory calculation for the Tower project as well as results from bulk sampling on the drill core and an in-house prefeasibility study.

Golden Rule is currently focusing its efforts on the Byers fault area of the La Ronge greenstone belt, including the Tower Lake project. The company has consolidated its property interests in that area by swapping various minority interests with its other partners Goldsil Resources (TSE) and Saskatoon-based Cameco.