McChip to drill Timmins gold bet

Under the terms of an option agreement, McChip has the right to earn a 50% interest from Noranda in seven contiguous properties, comprising 72 claims in Stock, German and Macklem twps., about 25 miles east of Timmins, Ont.

McChip reports it spent $700,000 on the properties last year. To date, some 27,274 ft of diamond drilling have been completed on the properties.

In Macklem Twp., a number of holes have tested ground adjacent to the Pominex gold deposit. McChip says results from that drilling indicated gold mineralization along a potential strike length of 2,950 ft and to a vertical depth of 1,500 ft. Some of the significant assay results included 1.6 ft grading 4.2 oz gold per ton in hole 89-2, and 7.2 ft of 0.36 oz gold in hole 88-26. Another hole intersected 0.22 oz over 6.6 ft.

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