International Platinum hits high-grade zone on Kirkland Lake bet

A drill hole on the Goodfish property near Kirkland Lake, Ont., has intersected 90 ft. averaging 0.26 oz. gold per ton in an environment commonly associated with Kirkland Lake’s gold producers. The true width of the intersection has not been calculated and high-grade values were not cut.

By drilling a minimum of 10,000 ft. over 18 months, International Platinum (TSE) is earning a 51% interest in the 16 patented claims from owner Glencairn Explorations (ASE).

Collared on the previously undrilled A zone, hole 90-4 intersected extensive quartz veining within a shear zone. The 90-ft. intersection included one 2-ft. section grading a remarkable 7.2 oz.

Including hole 90-4, a total of seven holes covering three mineralized zones (A, B and C) have been drilled by International Platinum to date. Although many of the these holes returned high grades, widths were too small to be considered encouraging.

The history of the Goodfish property dates back to 1912. In the early 1940s, trenching, drilling and more than 5,000 ft. of lateral development uncovered high-grade gold in quartz veins associated with altered felsic intrusives.

After this project was abandoned, no exploration was performed on the claim group until 1987, when joint venture partners Lencourt (TSE) and Glencairn drilled several holes on zones B and C.

“The Goodfish property has been a sleeper, tied up by estate ownership for over 40 years,” said Glencairn Vice-President Laurence Stephenson.

As with most of the past gold producers in the Kirkland Lake camp, mineralization at the Goodfish property is associated with faulting and felsic intrusive bodies. The main difference is that the Goodfish felsics intrude mafic volcanics, whereas at the producing mines the felsics intrude sediments.

The joint venture partners are planning further exploratory work on the property. After receiving the results from the recent drilling, “we’re still catching our breath,” admitted Stephenson, but plans for a $250,000, second-phase program will be on the table in the near future.