Gunnar, Mill City start drilling on Tyranite bet

An initial 10,000-ft drill program has been started by Gunnar Gold Inc. and joint venture partner Mill City Gold, on their Tyranite Mines gold property in the Matachewan area of northern Ontario.

The drilling, says Gunnar President James Brown, is based on favorable geophysical surveys and geological mapping programs on the property, Gunnar and Mill City can collectively earn a 50% interest in Tyranex Gold Inc.’s option to purchase the property, by spending up to $5 million on exploration, development and feasibility studies by August of 1990.

A former producer, the Tyranite mine produced about 31,000 oz gold from 224,000 tons of ore, from 1939 to 1942. There are drill- indicated ore reserves in the South Lens orebody alone of about 526,000 tons grading 0.2 oz, according to Mr Brown.

He adds potential is “excellent” to define further reserves on the remainder of the property, where three other drill targets have been identified, and on one of these, the Duggan zone, drilling is now under way.