Magino results continue pleasing

A $7-million surface and underground exploration program at the Magino joint-venture project in the Goudreau area of northern Ontario continues to obtain encouraging results, J. T. Flanagan, president of Muscocho Explorations, reports.

Muscocho and McNellen Resources are partners (50/50) in the project located north of Wawa.

In the D-zone, Hole No U-86-5 returned 0.66 oz gold per ton over 4.5 ft, while No U-86-11 gave 0.84 oz over 4.5 ft. In the E-zone, No U-86-3 gave 0.59 oz over 5.9 ft, while No U-86-5 returned 0.24 oz over 3.5 ft.

In the F-zone, No U-86-7 gave 0.3 oz over 5 ft and No U-86-9 returned 0.23 oz over 5.5 ft. In the G-zone, No U-86-7 returned 0.92 oz over 4 ft.

And, in the H-zone, No U-86-3 returned 4.84 oz over 4.9 ft, while No U-86-5 gave 1.26 oz over 11.9 ft.

All of the above zones, Mr Flanagan reports, are part of the west zone where the majority of recent underground work has been carried out. Drill-indicated reserves in this zone are estimated to be 408,960 tons averaging 0.25 oz.

Definitive surface drilling on the new northeast zone has been completed over a strike length of 1,500 ft, confirming an extensive system of veins and vein zones which have now been subdivided into three complex vein systems, Mr Flanagan reports.

Some of the better results from this zone include No 87-22 which returned 0.69 oz over 7.1 ft and No 87-20 which gave 0.66 oz over 10 ft.

Drill-indicated reserves in the northeast zone are estimated to be 866,297 tons grading 0.25 oz.

Total drill-indicated reserves at Magino are estimated to be 1.9 million tons averaging 0.25 oz.

In other news, Muschocho’s offer to purchase the assets of the Muscocho 1982 Ltd. Partnership in consideration of the issuance of 354,775 of its common shares has been approved by the partnership.

But no decision was taken on Muscocho’s offer to purchase the assets of Muscocho 1980-81 and Co. Ltd. at the latter’s annual meeting. The 1980-81 Ltd. partners requested additional information before making a decision.