Goldex hits zone on Ormico gold bet

Goldex recently completed the work needed to earn a 60% interest in the 11-claim property which is contiguous to Goldex’s Dubuisson Twp. gold property.

Ormico has the right to maintain a 40% interest in the claims or be diluted down to a minimum 20% net profits stake.

Goldex says hole 12-87 intersected the new zone at a depth of 2,370-2,540 ft, the deepest intersection reported so far, and assay results include 205 ft of grade 0.094 oz gold per ton.

The 205-ft intersection included 157 ft of grade 0.117 oz at a depth of 1,405-1,562 ft.

“The hole was stopped at 1,623 ft (from the drill station) in a zone of quartz-tourmaline veining at the drill limit of the current machine,” the company said.

Assays are reported to cut to one ounce gold per ton across unspecified widths and two drill rigs are testing for depth extensions of the zone toward the west and on to the Goldex claims.

With indicated vertical height of more than 800 ft and a strike length of up to 600 ft, the new zone remains open to the east, downdip and down plunge to the north.

Goldex is a 26% owned affiliate of Toronto-based Agnico-Eagle Mines (TSE).

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