Having completed the first phase of a $1-million flow-through financing, Kingswood Explorations (ASE) has started to explore its newly acquired gold property 30 miles southwest of Kirkland Lake, Ont.
A 5-hole program is testing two significant IP (geophysical) anomalies near a trench that returned assays of up to 2.45 oz. gold per ton. The property straddles Bryce, Robillard and Truac twps.
West of Matagami, Que., Kingswood will probe for downdip extensions of the Phelps Dodge zinc-copper-silver deposit with downhole pulse EM surveys. The geophysical surveys will be followed by wedging off a previously drilled 2,600-ft. hole and other deep drilling. Phelps Dodge, which has never been tested below the 1,600-ft. level, hosts preliminary reserves of 1.7 million tons grading 4.5% zinc and 0.84% copper.
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