Kinross updates Duquesne

Armed with 14 drill holes and re-assayed values from several old holes, Reddick Consulting has updated the inferred resource at Globex Mining‘s (GMX-T) 50%-owned Duquesne West gold property in Duparquet Twp., Que.

At a cutoff grade of 5 grams gold per tonne, the South, Shaft, Fox and Liz zones are estimated to host a combined inferred resource of 665,000 tonnes grading 11.4 grams gold. The estimate employs a minimum 2-metre horizontal width and a maximum radius of 60 metres on the long section.

When the cutoff is reduced to 4 grams gold, the estimate climbs to nearly 1.1 million tonnes averaging 8.9 grams gold.

Several other known gold zones were not included in the calculation.

The recent drilling was carried out by Kinross Gold (k-t). The major can acquire the other half of the property and reduce Globex’s half-interest to 30% by spending $4 million on exploration and completing a bankable feasibility study. Globex’s existing equal partner would then be reduced to a 0.5% net smelter return royalty.

Placer Dome (PDG-T) has exercised an option to earn majority interests in three gold properties in the Birch-Uchi greenstone belt of northwestern Ontario.

To earn 65% interests from Fronteer Development (FRG-V), the major must spend $2.5 million on exploration over the next three years. Another 10% will be granted in return for a bankable feasibility study and the arrangement of development financing.

Dubbed Balmer, Portage and Sandy Point, the properties have returned up to 21 grams gold per tonne in channel sampling. Mineralization is associated with quartz-veining.

A surface exploration program is under way, and drilling will follow.

Drill results from the McAra Lake property in northeastern Ontario confirm the presence of narrow widths of sulphide mineralization underneath a surface showing.

The property is in the Shining Tree area, mid-way between Sudbury and Timmins.

Partners Mustang Minerals (YMU-V) and JML Resources (JJJ-V) sunk 11 holes in the showing, which coincides with a near-surface induced-polarization anomaly. The holes were drilled roughly 150 metres below surface and spaced along a length of 250 metres.

Holes 4 and 5 cut upwards of 1.5 metres of sulphides grading as much as 1.07% copper, 0.31% zinc, 0.36% lead and 0.23% cobalt, plus 24 grams silver and 0.54 gram gold per tonne. The results are similar to those of the previous three holes — 0.77% zinc, 0.11% copper, 0.21% lead, 18 grams silver and 0.27 gram gold over as much as 1 metre of core.

Results from holes 6 to 11 are pending. All the holes were collared south of holes 1-5 and tested the geophysical anomaly down-plunge.

Another seven airborne geophysical anomalies remain untested. Lines are being cut over each in preparation for mapping, geophysical surveying and diamond drilling.