Int’l Homestead hits gold and zinc in Kirkland Lake-Larder

International Homestead Resources (VSE) is one of many companies with projects under way in the Kirkland Lake-Larder Lake camp of northeastern Ontario.

Drilling to test a 6-channel, airborne electromagnetic anomaly was completed on the company’s Diamond Lake property, five miles west of Larder Lake. The program concentrated on an area 1,000 ft. north of the Larder Lake Break.

Hole IH93-01, completed to a depth of 866 ft., consisted of three significant intersections. A 4-ft. section of pyrite-bearing carbonatized sediments assayed 0.176 oz. gold per ton.

Immediately below this intercept, a section of chert and graphitic shale assayed 0.36% zinc over 10.5 ft. In addition, a section of silicified syenite with pyrite mineralization graded 0.022 oz. gold over 2.5 ft. A 14-ft.-wide ultramafic dyke, reportedly resembling kimberlite, was also intersected. Core samples are being analyzed.

Homestead plans to complete a detailed ground magnetics survey and 3,500 ft. of drilling to test the gold and kimberlite targets.

In other news, Cyprus Canada has entered an agreement in principle to earn a 70% interest in the Rand gold property which is controlled by Homestead. To do this, Cyprus must spend $1 million on exploration and pay $200,000 cash within four years. The property, in Kirkland Lake, is subject to a 3% net smelter return royalty payable to Premier Explorations.

Also, the company has entered an option agreement whereby it can acquire the Shining Tree Central property, 70 miles south of Timmins, Ont. To do so, it must pay $60,000 and issue 100,000 shares to two other prospectors over two years.

The property is subject to a 1.5% net smelter return royalty payment and comprises seven newly configured claims encompassing 29 claim units. The agreement signed by the companies still requires approval by the requisite regulatory authorities.