A 30,000-ft program is planned to test the underground mining potential of a wide gold zone, discovered earlier this year (N.M., Feb 29/88), about 1 km north of the open pit gold mine at Cape Spencer, N.B.
A total of 11 holes have intersected the zone so far. They have outlined a zone some 425 ft wide and 525 ft long at a depth of between 300 and 700 ft., according to property holders Gordex Minerals (TSE) of Saint John, N.B.
The zone remains open along strike and at depth.
Results include:
Intersection Assay Hole (ft) (oz/ton) 5 18 0.10 6 13 0.40 7 2 0.12 8 53 0.15 12 23 0.12 13 23 0.19 14 12 0.15 15 8 0.08
16 0.16 17 18 0.30 18 15 0.13
8 0.15 19 5 0.12
3 0.09
Gordex plans to produce 12,000- 15,000 oz of the yellow metal from the Cape Spencer mine this year. The first gold bar was poured in June, 1986.
The company’s shares traded this week in Toronto at about $1.75.
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