Partners Golden Marlin Resources (VSE) and Cameco are currently analyzing the results of a winter program at the Northwest gold joint venture near Yellowknife, N.W.T. Under an agreement, Cameco can earn a 51% stake in a small portion of Golden Marlin’s Great Slave Lake land holdings where high-grade gold values have been reported. To earn the interest, Cameco must spend $660,000 on exploration and pay out $100,000 in cash over the next three years.
Recent exploration on six claims located on the northwest segment of Golden Marlin’s 60,000-acre land position included I.P. surveys over four water-covered areas, followed by an 8-hole drill program.
According to Golden Marlin, high-grade gold values of up to 5.25 oz. gold per ton have been encountered in narrow shears and fractures. Previous work in other areas of the property has shown the existence of shear zones comparable to those hosting the Nerco gold mine six miles further north.
Of five holes drilled to test I.P. anomalies on one of two grids, all intersected intrusive rocks of the western granodiorite complex and most intersected volcanic rocks.
The best gold assay from this area was 0.041 oz. gold over 1 ft. Another three holes were drilled on the second grid to test the I.P. anomalies. Highlights included 0.21 oz. over 3.2 ft. in a moderately sheared mafic volcanic unit, well mineralized with sulphides.
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